Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL, has revealed that the consumption of Premium Motor Spirit (PMS) also known as petrol has declined by 30 per cent after the removal of the fuel subsidy by the federal government.
Kyari, speaking during a press briefing by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja, said the decline in consumption is observed after the removal of the subsidy in early June.
Daily Post quoted Kyari as saying 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.
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.
Energy Afrique reports that NNPC Limited has also announced that Nigeria’s crude oil production level has currently increased to 1.67 million barrels per day (bpd). The increment in the production including condensate increased by over 300,000 bpd.