Petrol may cost N340 without subsidy

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Nigerians will pay as much as N340 per liter of petrol when subsidy  is removed next year.

Group Managing Director of the Nigerian National Petroleum Company  NNPC, Mele Kyari dropped the hinted  at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” in Abuja on Tuesday.

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Kyari said the removal  of fuel subsidy will come to effect  by  February 2022, as provided by the recent Petroleum  Industry  Act.

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“There will be no provision for it legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit in the most subtle and easy manner,” he said.

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Hr said the hike in prices of cooking gast was a demand and supply issue as there was a global crunch on supply of gas and many countries were now threatened by lack of supply in December.

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He added that the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend.

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Kyari assured that the company was working on increasing local production to meet the needs of consumers.

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