The era of purchasing fuel at N750 per liter has come to an end, according to the Nigerian Government.
The Nigerian government has stated the imminent end of the era of purchasing Premium Motor Spirit (PMS), commonly known as fuel, at exorbitant prices ranging from N750 to N1000 per liter.
This significant development is set to unfold with the
impending commissioning of 30,000 Compressed Natural Gas (CNG) powered vehicles
within the forthcoming 90-day period.
The Chief Executive Officer of the Presidential Compressed
Natural Gas Initiative, Mr. Michael Oluwagbemi, introduced this pioneering
initiative during the Park to Park CNG Mobilization program held at the Ojota
Park in Lagos on Saturday.
The Initiative is anticipated to incur an expenditure of
approximately N36 billion for the procurement and distribution of 30,000
Compressed Natural Gas (CNG) conversion kits nationwide, free of charge, within
the specified timeframe.
The conversion costs and kits were valued at a rate of N1.2m
per vehicle, totaling N36bn over the next three months.
The primary objective of this strategic initiative is to
facilitate the widespread adoption of Compressed Natural Gas (CNG) as a viable
alternative fuel source for transportation systems.
“Today, we are here with conversion kits. We have bought
over 30,000 of these kits, mainly for distribution in the next 90 days.
“The President has told us that this is not just to end with
30,000 kits, the target is one million kits. We want to make sure all of you
can benefit from this government initiative,” he stated.
“The era of buying N750, N800, or N1,000/liter fuel is over.
We are not doing that again. We will start using the gas under our feet so that
we can buy it at N230/kg,” he stated.
Recall that President Bola Tinubu has directed all
government ministries, departments, and agencies to purchase Compressed Natural
Gas (CNG)-powered vehicles as a temporary measure to mitigate the effects of
fuel subsidy removal.