Fuel consumption in Nigeria has decreased while the price of fuel has reached N617 The Nigerian Petroleum Regulatory Authority (NMDPRA) re...

 

Fuel consumption in Nigeria has decreased while the price of fuel has reached N617

The Nigerian Petroleum Regulatory Authority (NMDPRA) reported on Monday that fuel use has dropped dramatically since the federal government removed the subsidy. One million litres were consumed daily. 46.38, down 65 million liters/day before the subsidy cut.

In Abuja, Nigeria Petroleum Corporation (NNPCL) petrol outlets raised prices to Naira 617 per litre.

The oil firm pledged to evaluate fuel prices nationwide months before this.

After this pronouncement, the National Petroleum Corporation (NNPCL) instructed petrol stations across Nigeria to sell petrol between N480 and N570 per litre, roughly 200 percent of petrol below N200. The hike raised transportation and product prices.

The NMDPRA Chairman, Ahmed Farouk, told stakeholders and managers of oil and gas extraction projects in Lagos, Nigeria, that the number had dropped 35% from 65 million litres per day before the subsidy was removed.

Fuel consumption has dropped from 65 million litres per day before the subsidies.

Farouk claimed more than 56 companies filed for a licence to import oil, but just 10 agreed to do so.

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