The Nigerian National Petroleum Company Limited (NNPCL) Group Managing Director/ Chief Executive Officer (GMD/CEO) Mele Kyari, has said petrol will sell for between N320 and N340 per liter from February, next year.
Kyayi, who said Nigeria would be out of the subsidy regime in the first quarter of 2022, explained that subsidy would have been eliminated this year, but for certain factors that prevented it.
The NNPCL boss spoke in Abuja at the presentation of the November edition of the World Bank Nigeria Development Update, titled: “Time for Business Unusual.”
But, the Trade Union Congress (TUC) cautioned the Federal Government against unilateral removal or stoppage of petrol subsidy regime.
He assured that fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law, adding that the price of the product may range between N320 and N340 per liter.
Kaduna State Governor Nasir El-Rufai assured of governors readiness to back the plan to eliminate the subsidy regime.
El-Rufai gave the assurance as a panelist, who joined the World Bank presentation virtually, said that if the regime of fuel subsidy was not eliminated, 35 out of the 36 states of the federation may not be able to pay salaries next year.
According to him, kerosene which matters most to the masses had been regulated without any hitches, while diesel which was most important to transporters had also been regulated for a long time.
He said: “This hullabaloo about petrol is something that we must as a country have a conversation and agree that it has to end. We cannot continue to provide petroleum to our neighbouring countries, which is what we are doing.
“Why are we doing this? For whom are we doing it? Who is the beneficiary? Which is the cabal that is the beneficiary of this and why should they hold this country to ransom and bankrupt the Nigerian economy?R
“Right now, we are losing N250 billion a month and this has to end. State governments are committed to supporting the Federal Government on this.