The deregulation of the downstream oil sector and the increase in the pump price of Premium Motor Spirit from N86.5 per litre to N145 have led to the reduction in the consumption of the product by 30 per cent across the country, the Federal Government has said.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said this at the formal handing over of the position of Group Managing Director of the Nigerian National Petroleum Corporation to Dr. Maikanti Baru, at the corporation’s headquarters in Abuja on Friday.
Kachikwu stated that Nigeria currently produces between 1.9 to 2.3 million barrels of crude oil daily, adding that the government was working hard to clear the over $6bn joint venture cash call obligations to international oil companies.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said this at the formal handing over of the position of Group Managing Director of the Nigerian National Petroleum Corporation to Dr. Maikanti Baru, at the corporation’s headquarters in Abuja on Friday.
Kachikwu stated that Nigeria currently produces between 1.9 to 2.3 million barrels of crude oil daily, adding that the government was working hard to clear the over $6bn joint venture cash call obligations to international oil companies.
