Topic: Fuel consumption in Nigeria dropped by 92% (Read 33 times)

This reduction of the consumption of fuel in Nigeria is not as a result of improved electricity or the presence of any alternative, but is a result of non availability of the product at retail outlets and the few Fuel station that have Fuel are sellinyat high Price and with a long que, so this frustration have lead many businesses in Nigeria to either close down or caught down their operational cost leaving behind some of their vital services because of the poor economic situation in the today Nigeria, this month and the previous month, because of the promised of being able to produce 30 million liters of petroleum product from the dangote refinery, but was able to produce just 10 million liters pers day since it commencements of it operation, this realities have effected petroleum supply within this country.

So about electricity, we may likely be seeing some improvement in the coming Days, like in my area, we used to have 5 transformers servicing us, but ever since we were moved to band A with estimated 24 hour's light, the power company have being making effort to strengthen their electricity infrastructure in the area with the installation of additional two new transformers, and that is a big relief that can improve our electricity supply during the dry season.

Like seriously, things have changed in our today's Nigeria. Life is not longer as luxurious as we used to have it before and the standard of living have not increased, rather it is depreciating with the abrupt change of the economic dynamics in the country. The peak of all of these things is the fuel subsidy removal which brought about the rapid increase of fuel pump prices across the country and inflation rate of many commodities rising by 400% percent or within range.

To say people weren't prepared for this is the least, however these are changes we need in the country to be able to face the economic realities burdening us for long. My problem is, what's the sustainability of these policies, in terms of human factors and the road map to these reforms have not been clearly stated which means people might just end up sacrificing for nothing in the end and that's my fear.

World Bank wants Nigeria to maintain the fuel subsidy removal. What made me posted that topic is because I noticed people in my neighborhood do not on generator again. It started when Tinubu removed fuel subsidy. IMF said inflation in Nigeria will reduce. World Bank said that it is good how fuel and electricity subsidy are removed. They do not know what is going on in the Nigerian.

It is easy to know that standard of living in Nigeria has reduced significantly. Inflation continues as the prices of good and services are increasing. I saw this today which I think is worth discussing about on this forum.

After the fuel subsidy removal, petrol has increased in price by 488%. Available data from the NMDPRC shows that petrol consumption declined by 92%, down from 60 million litres in May 2023 to 4.5 million in August 2024

https://www.legit.ng/business-economy/energy/1621718-10000-filling-stations-shut-dangote-ships-79-million-litres-petrol-lagos/

Electricity in Nigeria is better in raining season. It helped many home not to depend on generator but I think there would be no much difference even if the electricity is not good. Electricity was good in raining season in the past, but people still like to on generator at night if there is no electricity, but this time is different.