The minister of State for petroleum resources, Timipre Sylva said the Federal Government has plans underway to provide alternative petrol -Compressed Natural Gas (CNG) – for the common man that will cost between N95 to N97 per litre.
The minister also promised that, the Petroleum Industry Bill(PIB) will be passed before May 29, 2020.
He, however stated these to reporters in Abuja on Thursday.
When asked whether the government was going to reduce the pump prices of the Premium Motor Spirit (PMS) to make it more affordable, the minister said that there were plans to provide an alternative fuel that is cheaper.
According to him, the fuel CNG has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
He added that, with CNG, the cost of fuel will reduce to about N95 per litre.
According to him;
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 that the subsidised PMS. Per liter the subsidized rate of the PMS is N145 per litre. CNG will cost about N95 to N97 per litre.
The minister assured that, Nigerians will never experience fuel scarcity again.
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