The Federal Government has revealed its plans to reduce the price of fuel by providing alternative petrol, Compressed Natural Gas, CNG, for the common man.
While addressing newsmen in Abuja on Thursday, Minister of State for Petroleum Resources, Timipre Sylva revealed that the proposed CNG will cost between N95 to N97 per litre, adding that the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
Sylva also promised that the Petroleum Industry Bill(PIB) will be passed before May 29, 2020.
Speaking on one of the benefit of the CNG, Sylva noted that Nigerians will no longer experience fuel scarcity with CNG.
“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,” he said.