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Petrol to cost N340/litre after subsidy removal in 2022 – NNPC boss

Petrol may cost N340 per liter in 2022 as the subsidy regime for petroleum products will come to an end in February 2022. This was revealed by NNPC boss, Mele Kyari. Kyari made this known at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” on Tuesday, November 23. “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…

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Fuel Price Hike Looms As FG Announces Deregulation Of Petrol Subsidy

Plans by the federal government to stop petrol subsidy might make petrol price of petrol in Nigeria to jump from the current price to as high as N300 per litre. Recall that the Federal Government of Nigeria had announced that petrol subsidy will be stopped starting from the second half of next year. The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this in a statement made available to the public on Monday. According to Ahmed, the Federal Government only made provision for petrol subsidy till the end of…

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Nigerians Lament As Petrol Cost Hits N256, Subsidy N150b

The Nigerian National Petroleum Corporation (NNPC) has announced that the cost of a litre of petrol has hit N256 and it is absorbing between N140-N150 billion in monthly subsidy to sell to consumers at N162. But the octopus corporation blamed fuel smugglers for worsening the situation, as daily consumption jumped to to 103 million litres per day in May, as against the usual 50-60 million litres. The Group Managing Director (GMD), NNPC, Mele Kyari, made this known on Tuesday at stakeholders meeting organised by the corporation to discuss how best…

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Tragedy As Petrol Station Manager Is Found Dead Inside Underground Tank (Photo)

Ikroje Family members of a dead petrol station manager have cried out for justice after he was found dead inside an underground tanker. The tragic incident took place in Ughelli, Delta state. Mr. Dennis Ikroje reportedly went to work very early on the morning of June 9 at Sobaz Petrol Station situated along Ughelli/ Patani Road and allegedly went to the under­ground tank with 20 gallons and a hose for yet unknown reasons. Later, when other workers resumed for the day, they discovered the manager was in the manhole leading…

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Nigerians To Pay N234 Billion Taxes Monthly With Petrol At N385/litre As Poverty And Inflation Is Set to Worsen

Petrol With Governors backing a new price of petrol of N385 per litre, Nigerians will be forced to pay more as inflation and poverty will worsen in coming months. According to a report by Guardian Nigeria, the masses wil face very serious financial challenges in the coming months. Attempts to remove subsidy on the Premium Motor Spirit (PMS) had severally been stalled with the government and organised labour locked in endless negotiation. But on Wednesday night, the cash-starved governors recommended the immediate removal of petrol subsidy and proposed an over…

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