Malam Mele Kyari, Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited, has revealed that Petrol to cost N340 per litre.
He disclosed this while speaking at the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual”.
Given the reason for the price hike, he stated that by law, the nation should be out of the subsidy regime by the end of February 2022.
He added that subsidy would have been eliminated in 2020 but certain factors prevented it.
In order to follow the global trend, the price of the petroleum product may range between N320 and N340 per litre, irrespective of where it was produced.
Also, Kyari explained that demand and supply issue which also faced many countries caused the hike in prices of cooking gas.
