The Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, has disclosed that petrol consumption has declined by 30 percent following the removal of petrol subsidy by President Bola Tinubu.
Speaking at a media
briefing by the Minister of Finance and Co-ordinating Minister of the
Economy, Mr. Wale Edun, in Abuja this
afternoon, Kyari said the reduction in fuel demand from about 66.7 million
litres daily before the removal of subsidy to about 46 million currently also
meant a 30 percent reduction in NNPCL’s demand for foreign exchange to import
fuel.
He also revealed that oil production ramped up to 1.6
million barrels by Wednesday, August 30, from a very poor position of less than
1 million some months ago.
