“Era Of Buying Fuel At #750 Per Liter Over”- FG Releases Good News On Petrol Price; SEE What Was Announced
The Nigerian government has announced that the days of paying between N750 and N1000 per liter for Premium Motor Spirit, commonly known as fuel, are coming to an end. The government plans to roll out 30, 000 vehicles powered by Compressed Natural Gas (CNG) over the next 90 days. This initiative aims to reduce the reliance on costly fuel by promoting the use of CNG as a more affordable alternative.
Michael Oluwagbemi, the Project Director and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, shared these details during the Park to Park CNG Mobilization program held at Ojota Park in Lagos on Saturday. He explained that the project will involve distributing 30, 000 CNG conversion kits across the country at no cost to vehicle owners. The entire initiative is expected to cost around N36 billion, covering the expense of these conversion kits. This large- scale project reflects the government’ s commitment to addressing fuel cost issues and promoting more sustainable energy solutions for transportation.
The cost of each conversion kit and the associated expenses are estimated at N1. 2 million per vehicle. With plans to distribute 30, 000 kits, the total cost of this initiative is projected to be N36 billion over the next three months.
Michael Oluwagbemi emphasized that this effort is aimed at encouraging the use of Compressed Natural Gas (CNG) as a viable alternative to traditional fuels. He noted, ” Today, we are introducing these conversion kits. We have purchased more than 30, 000 of them, and they will be distributed across the country within the next 90 days. ” This distribution is a key part of the government’ s strategy to promote CNG and help reduce the country’ s dependency on expensive petroleum fuels.
He also highlighted the change in fuel costs, saying, ” The days of paying N750, N800, or even N1, 000 per liter for fuel are over. We are moving away from that and will start using the natural gas available beneath our feet, which will cost us only N230 per kilogram. ”
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Additionally, it’ s important to remember that President Bola Tinubu has directed all Ministries, Departments, and Agencies to purchase CNG- powered vehicles. This directive is part of a broader effort to alleviate the effects of removing fuel subsidies and to support the transition to more affordable and sustainable fuel options.