Data from the Nigerian National Petroleum Company Limited (NNPCL) shows that the nation’s fuel consumption has dropped by 30 percent since the removal of petrol subsidy by President Bola Tinubu.
Group Managing Director (GMD) of NNPCL, Mele Kyari, disclosed this at the media briefing by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, in Abuja, on Friday.
He stated that prior to removal of subsidy, the fuel demand was about 66.7 million litres daily but since its removal, it had dropped to about 46 million.
According to Kyari, the decline also meant a 30 per cent reduction in NNPCL’s demand for foreign exchange to import fuel.
He further revealed that oil production had risen to 1.6 million barrels by Wednesday, from less than 1 million some months ago.
