NO MORE BUYING FUEL AT HIGH PRICES – FG

NO MORE BUYING FUEL AT HIGH PRICES – FG

The Nigerian federal government has announced the end of the era of high fuel prices, with the launch of a Compressed Natural Gas (CNG) initiative aimed at providing a cost-effective and sustainable alternative fuel for transportation.

Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, made the announcement during the Park to Park CNG Mobilisation programme in Lagos.

According to Oluwagbemi, the government plans to commission 30,000 CNG-powered vehicles within the next 90 days, with a long-term target of distributing one million conversion kits.

“Today, we are here with conversion kits. We have bought over 30,000 of these kits, mainly for distribution in the next 90 days,” he said.

The initiative, which aims to promote the adoption of CNG as a sustainable alternative fuel, will cost N36 billion to provide 30,000 CNG conversion kits for free nationwide. Each conversion kit, including installation costs, is valued at N1.2 million per vehicle.

Oluwagbemi assured Nigerians that with the adoption of CNG, fuel prices would significantly decrease.”The era of buying N750, N800, or N1,000 per 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 per kilogram,” he stated.