NNPC GMD, Mele Kyari, Reports 30% Drop In Petrol Consumption

Mele Kyari, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), has disclosed that a 30 percent decrease in petrol consumption subsequent to President Bola Tinubu’s decision to eliminate the petrol subsidy.

Addressing the audience during a media briefing in Abuja on Friday, Mr Wale Edun, who serves as both the Minister of Finance and Coordinating Minister of the Economy.

He explained the reduction in fuel demand from about 66.7 million litres daily before the removal of subsidy to about 46 million currently also meant a 30 percent reduction in NNPCL’s demand for foreign exchange to import fuel.

He also revealed that oil production ramped up to 1.6 million barrels by Wednesday, August 30, from a very poor position of less than 1 million some months ago.

In an earlier statement, Mr Edun had articulated that the Tinubu administration had its sights set on the funds belonging to Nigerians, both those held in domiciliary accounts within the country and those held abroad.

He said that Nigerians had huge funds at home and abroad that could be deployed to rejuvenate the economy and that his team was working to ensure the needed environment to attract such funds into the Nigerian economy for investment in various sectors.