FG To Reduce Fuel Price To N97 Per Litre

FG To Reduce Fuel Price To N97 Per Litre

In a bid to make fuel less expensive for Nigerians, the Federal Government has introduced an alternative petrol, Compressed Natural Gas, CNG, which will cost between N95 to N97 per litre.

Addressing newsmen in Abuja on Thursday, Minister of State for Petroleum Resources, Timipre Sylva disclosed that the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.

He also promised that the Petroleum Industry Bill(PIB) will be passed before May 29, 2020 assuring that 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.”

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