Federal Government Plans to Reduce price of Petrol to N97 Per Litre;The Federal Govenment announced that it is working to provide an alternative fuel called Compressed Natural Gas (CNG) which will cost about N95 to N97 per litre.
The Minister of State for Petroleum Resources, Timipre Silva on Thursday, January 16, 2020 in Abuja, announced the plan to introduce a cheaper and alternative fuel, when he was asked by reporters whether the government would reduce the pump price of the Premium Motor Spirit (PMS) to make it more affordable.
According to TheNation, the minister said the CNG has undergone a pilot project in Benin City, where over 10,000 vehicles are already running on it.
“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 than the subsidised PMS. Per liter, the subsidized rate of the PMS is N145 per litre. CNG will cost about N95 to N97 per litre.”