Minister of Information and National Orientation, Mohammed Idris, revealed on Wednesday that Nigeria’s petrol imports have halved since the removal of fuel subsidies.
President Bola Tinubu ended fuel subsidies in his May 29, 2023 speech. Following this, the Nigerian National Petroleum Company Limited (NNPCL) stopped the subsidy on petrol, causing prices to rise to over N600 per litre.
Idris, speaking at a press briefing in Abuja, stated that petrol imports have decreased by 50 percent since the subsidy removal.
NNPCL’s CEO, Mele Kyari, had earlier mentioned that Nigeria used about 66 million litres of petrol daily, with over N400 billion monthly spent on subsidies.
This 50 percent decrease in petrol imports equates to roughly 33 million litres daily or about 990 million litres monthly, based on Kyari’s previous figures.
Oil marketers noted the ex-depot price of petrol at around N585 per litre.
