82% of Nigeria's oil production lost in Feb - IPPG
A worker inspect facilities on an upstream oil drilling platform at the Total oil platform at Amenem, 35 kilometers away from Port Harcourt in the Niger Delta. Amenem is the hub of Total oil production with two oil well producing over 100,000 barrels of crude daily. AFP PHOTO / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

…as fuel demand crashes by 30%

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that the nation’s crude oil output had increased to 1.6 million barrels by Wednesday, August 30, from less than one million a few months previously.

The Group Managing Director of the company, Malam Mele Kyari, who was seated beside the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this at an ongoing media briefing in Abuja on Friday.

Kyari also reported that fuel demand declined by 30 percent since President Bola Ahmed Tinubu announced the removal of fuel subsidies in May.

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.

Details later…

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