FG reveals petrol price to reduce with new incentives

The Federal government has said the era of buying fuel between N750 to N1000 per liter, is over as it will commission 30,000 Compressed Natural Gas (CNG) powered vehicles in the next 90 days.

Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, revealed this at an event in Ojota, Lagos on Saturday, July 20.

According to him, the initiative will cost N36 billion and includes 30,000 CNG conversion kits, which will be distributed free of charge nationwide within the specified period. Each kit and conversion is valued at N1.2 million per vehicle, totaling N36 billion over the next three months.

“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.

The era of buying N750, N800, or N1000/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 added.