The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has disclosed that the country’s daily petrol consumption is hovering around 45 million and 50 million litres, saying demand has increased as the yuletide approaches.
Ahmed stated this in Lagos at the ongoing OTL Africa Downstream Energy Week, refuting claims that petrol consumption dropped to 4.5 million litres following President Bola Tinubu’s removal of subsidies.
According to Ahmed, consumption figures may drop after the Yuletide, when there is less demand for petrol because of the high cost.
“The current volume that goes out in the market is ranging between 45 and 50 million litres, including the buffer that we have; but currently it’s ranging between 45 and 50 million litres per day.
“We see that a lot of activity is going on now because it is normally a high demand period in the fourth quarter leading to the yuletide. Still, after that, we can possibly see the consumption go down just because of the prices,” he said.
