The Federal Government has revealed plans are underway to provide alternative petrol -Compressed Natural Gas (CNG) – for the common man that will cost between N95 to N97 per litre. It also promised to pass the Petroleum Industry Bill(PIB) before May 29, 2020.
Asked whether 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.
He disclosed the fuel CNG has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
With CNG, Sylva said that 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.”
Sylva posited that Nigerians will never experience fuel scarcity again.