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Petrol Consumption Declines by 30% After Subsidy Removal

The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant decline in petrol consumption since the removal of the petrol subsidy by President Bola Tinubu.

According to the Group Managing Director of NNPCL, Mele Kyari, fuel demand has reduced by 30 per cent, from 66.7 million litres daily to approximately 46 million litres currently.

The reduction also translated to a 30 per cent decrease in NNPCL’s foreign exchange demand for fuel imports.

Furthermore, Kyari highlighted the remarkable increase in oil production, which has risen to 1.6 million barrels per day from a previous low of less than one million barrels.

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He said:

Oil production ramped up to 1.6 million barrels by Wednesday, August 30, from a very poor position of less than 1 million a few months ago.”

Also briefing the press, the Minister of Finance, Wale Edun, mentioned the government’s intention to tap into Nigerians’ funds held in domiciliary accounts within the country, as well as funds held abroad, to revitalize the economy.

The strategy, Edun explained, will bolster economic growth and stability.

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Written by Tapre Timine

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