………….by Victor Egbo………
The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has revealed that the consumption of petrol has declined by 30 per cent.
Kyari, speaking during a press briefing by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Friday, said the reduction is a result of the removal of the petrol subsidy by President Bola Tinubu.
He explained that the drop in fuel demand from 66.7 million litres daily before to about 46 million currently also meant a 30 per cent reduction in NNPCL’s demand for foreign exchange to import fuel.
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.
Also, the Finance Minister, Wale Edun, earlier stated that President Tinubu’s administration was targeting Nigerians’ funds held in domiciliary accounts in the country and funds held abroad to rejuvenate the economy.