FG reveal plan to make fuel cheaper, reduce price to N97 per litre
The Federal Government has revealed plans to make fuel cheaper by providing alternative petrol, Compressed Natural Gas, CNG, for the common man.
Minister of State for Petroleum Resources, Timipre Sylva disclosed that the proposed CNG will cost between N95 to N97 per litre.
Addressing newsmen in Abuja on Thursday, Sylva also promised that the Petroleum Industry Bill(PIB) will be passed before May 29, 2020.
He disclosed that the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
According to Sylva, Nigeria will never experience fuel scarcity again with CNG.
He said: “What we have decided is that we should try and give the masses an alternative. This will move the masses to CNG.
“That is transport vehicles for example, out of the PMS loop to be using CNG. CNG cost less than the subsidized PMS. Per liter the subsidized rate of the PMS is N145 per litre. CNG will cost about N95 to N97 per litre.”