The Minister of State for Petroleum Resources, Timipre Sylva, said that Nigeria’s crude oil output dropped from 2m barrels per day (bpd) to 1.412m bpd.
The Minister said this while speaking at a joint briefing with the Minister of Information and Culture, Alh. Lai Mohammed and the Minister of Power, Mr Saleh Mamman in Abuja on Monday.
Sylva urged Nigerians to show understanding of the recent increase in the pump price of petrol from N148 to N151.56.
He said before COVID-19, oil prices were in the territory of over $60 per barrel but they have fallen to more, than $45 per barrel.
The minister admitted that Nigeria was going through a crisis and it was time to adjust but said the removal of subsidy was done in the national interest.
Sylva, said successive governments had tried to handle the removal of subsidy without success.
He said since there was a crisis at hand, the Federal Government wants Nigerians to show some understanding.