NNPC: Petrol Consumption Declines by 30% After Subsidy Removal

The Nigerian National Petroleum Company Limited (NNPCL) has announced that the consumption of petrol has declined by 30% since the removal of the petrol subsidy by President Bola Tinubu.

PulseNets reports that the Group Managing Director of NNPCL, Mele Kyari, made the announcement during a press briefing in Abuja on Friday.

He said the reduction in fuel demand from 66.7 million litres daily to about 46 million litres currently also meant a 30% reduction in NNPCL’s demand for foreign exchange to import fuel.

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“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,” he said.

The Minister of Finance, Wale Edun, who was also present at the press briefing, said that the government was targeting Nigerians’ funds held in domiciliary accounts in the country and funds held abroad to rejuvenate the economy.