Business/Economy
Era Of Buying Petrol N750 Per Litre Is Over — FG
Reported by Ayooluwa Afolabi
The Nigerian government has announced that the era of purchasing Premium Motor Spirit (PMS), commonly known as fuel, for prices between N750 and N1000 per litre, is coming to an end.
Within the next 90 days, they plan to commission 30,000 Compressed Natural Gas (CNG) powered vehicles.
According to the Nigerian Tribune, Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, revealed this during the Park to Park CNG Mobilisation program at Ojota Park in Lagos on Saturday.
The initiative will cost N36 billion and includes 30,000 CNG conversion kits, which will be distributed free of charge nationwide within the specified period. Each kit and conversion is valued at N1.2 million per vehicle, totaling N36 billion over the next three months.
Oluwagbemi emphasized that the move aims to promote CNG as an alternative fuel for transportation. “Today, we are here with conversion kits.
We have bought over 30,000 of these kits, mainly for distribution in the next 90 days. The President has told us that this is not just to end with 30,000 kits, the target is one million kits. We want to make sure all of you can benefit from this government initiative,” he stated.
“The era of buying N750, N800, or N1000/liter fuel is over. We are not doing that again. We will start using the gas under our feet so that we can buy it at N230/kg,” he added.
Previously, President Bola Tinubu had directed all Ministries, Departments, and Agencies to procure CNG-powered vehicles as a measure to mitigate the impact of fuel subsidy removal.
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