The Federal government has disclosed that plans are underway to provide an alternative fuel called Compressed Natural Gas (CNG) that will cost between N95 to N97 per litre.
FG also promised to pass the Petroleum Industry Bill (PIB) before 29th May, 2020. The Minister of State for Petroleum Resources Timipre Sylva, disclosed this on Thursday, 16th January, 2020, while addressing the journalists in FCT Abuja.
The Minister announced the plan to introduce a cheaper and alternative fuel when he was asked whether the government would reduce the pump price of the Premium Motor Spirit (PMS) to make it more affordable.
Timipre said the CNG has undergone a pilot project in Benin City, where over Ten thousand Naira 10,000 vehicles are already running on it.
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 the CNG. CNG cost less than the subsidised PMS Per liter the subsidized rate of the PMS is One Hundred and Forty Five Naira (N145) per litre. CNG will cost about Ninety Five Naira ( N95) to N97 per litre.
Timipre maintained that Nigerians will never experience fuel scarcity again.