FG Declares End To High Fuel Prices Target To Reduce Fuel Prices To N230 Per Kilogram

The Nigerian government has announced that the era of high fuel prices is over, with the introduction of Compressed Natural Gas (CNG) as a cost-effective and sustainable alternative fuel for transportation. 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.

According to Vanguard news report, Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, the government has purchased 30,000 conversion kits, valued at N1.2 million per vehicle, to be distributed for free nationwide. This initiative aims to promote the adoption of CNG and reduce fuel prices, which are currently ranging from N750 to N1000 per liter.

Oluwagbemi assured Nigerians that with the adoption of CNG, fuel prices would significantly decrease, stating that “the era of buying N750, N800, or N1,000 per liter fuel is over.” The government’s target is to reduce fuel prices to N230 per kilogram, making transportation more affordable for citizens. This initiative aligns with President Bola Tinubu’s directive to alleviate the impact of the recent fuel subsidy removal…..See_More