Petrol consumption falls by 30% – NNPC
The consumption of gasoline has decreased by 30%, according to Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Limited, or NNPCL.
Speaking at a news conference held by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Friday, Kyari said that the decrease was caused by President Bola Tinubu’s elimination of the gasoline subsidy.
He explained that the decrease in fuel consumption from the previous daily average of 66.7 million liters to the present average of 46 million also resulted in a 30% decrease in the amount of foreign currency that NNPCL needed to import fuel.
From a very precarious situation of less than 1 million barrels a few months ago, oil output surged up to 1.6 million barrels by Wednesday, August 30.
Additionally, Wale Edun, the finance minister, had said that President Tinubu’s administration was aiming to revive the economy by using Nigerians’ funds kept in domestic and foreign accounts.
