Since President Bola Tinubu declared the end of fuel subsidies in May, there has been a 30% decrease in fuel demand.
At a press conference on Friday, Mele Kyari, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), revealed this information.
In Abuja, he was seated next to Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
According to Kyari, the decline in fuel consumption from over 66.7 million liters per day before the elimination of subsidies to around 46 million liters per day now results in a 30% decrease in NNPCL’s need for foreign exchange to import fuel.
He added that oil production had climbed from less than one million barrels a few months earlier to 1.6 million barrels by Wednesday, August 30.
More details to follow…