As part of the National Economic Council's (NEC) suggestion in November 2021, the federal government may raise the price of Premium Motor Spirit (PMS), also known as petrol, to N302 per litre in February 2022.
This is part of the government's intention to completely de-regulate PMS costs, removing monthly subsidies and putting in place safeguards to ensure fair competition.
In Nigeria, the price of petrol is now between N162 and N165 per litre.
The NEC ad-hoc committee advising the Nigerian National Petroleum Corporation (NNPC) on the right pricing of PMS in Nigeria made the recommendations. Nasir El-Rufai, the governor of Kaduna state and the committee's chairman, presented the report.
Included in the committee are; Godwin Obaseki, Kayode Fayemi, and David Umahi, governors of Edo, Ekiti, and Ebonyi states, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN); Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC); and Zainab Ahmed, minister of finance, budget, and national planning; and Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).
The Nigeria Governors' Forum (NGF) advocated N385 per litre in May 2021, but it was rejected by stakeholders, including the federal government.
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