Era of N750/Liter Fuel Over – FG

The Nigerian government has announced the end of the era where Premium Motor Spirit (PMS) was sold between N750 and N1000 per liter. The government plans to commission 30,000 Compressed Natural Gas (CNG) powered vehicles within the next 90 days.

This announcement was made by Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, during the Park to Park CNG Mobilisation program held at Ojota Park in Lagos on Saturday.

Oluwagbemi detailed that the initiative will cost N36 billion, covering the expenses for 30,000 CNG conversion kits, which will be distributed free of charge nationwide within the next three months. Each kit, valued at N1.2 million, is part of a broader strategy to encourage the adoption of CNG as a viable alternative fuel for transportation.

“Today, we are here with conversion kits. We have procured over 30,000 of these kits for distribution in the next 90 days,” Oluwagbemi stated. “The President has directed that this initiative should not stop at 30,000 kits; our target is one million kits. We want everyone to benefit from this government initiative.”

He emphasized that the switch to CNG will drastically reduce fuel costs, with CNG priced at N230 per kilogram. “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 asserted.

This move aligns with President Bola Tinubu’s directive for all Ministries, Departments, and Agencies to procure CNG-powered vehicles as a measure to mitigate the impact of the fuel subsidy removal on Nigerians.