1st September, 2023
Fuel demand has declined by 30 percent since President Bola Ahmed Tinubu announced the removal of fuel subsidies in May.
Malam Mele Kyari, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), disclosed this at a media briefing today.
He was seated beside the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja.
According to Kyari, the fall in fuel demand from approximately 66.7 million litres daily before the removal of subsidies to approximately 46 million today means a 30% reduction in NNPCL’s demand for foreign exchange to import fuel.
He also reported that oil output had increased to 1.6 million barrels by Wednesday, August 30, from less than one million a few months previously.
More details later…