Business N145 Price Increment: Sale of Petrol in Nigeria Has Reduced Drastically - Forte oil Boss



According to the group chief executive of Forte Oil Plc, Mr Akin Akinfemiwa, the sale of petrol in Nigeria has reduced drastically following the increase in petrol pump price to N145 per litre.

He said there's a 40% drop in demand of petrol by Nigerians.

“If you may agree with me, there has been a light flow of traffic in the Lagos metropolis in very recent times. We however deem this to be the initial reaction and thus believe that the demand will improve over time,” he explained.

There are strong indications that motorists have devised various means of using less petrol in view of the high cost, he said.

He identified some of the initiatives to include, car-pooling, use of government’s mass transit buses and even cutting down on unnecessary movements and visits.



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