Nigerian Government Declares End to N750 per Liter Fuel Prices

The Nigerian government announced that the era of purchasing Premium Motor Spirit (fuel) at prices ranging from N750 to N1000 per liter is over, as it plans to commission 30,000 Compressed Natural Gas (CNG) powered vehicles within the next 90 days.

Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, revealed this during the Park to Park CNG Mobilisation program at Ojota Park in Lagos on Saturday.

He explained that the initiative will cost N36 billion for 30,000 CNG conversion kits, which will be distributed free of charge nationwide within this period. Each kit, along with the conversion cost, is valued at N1.2 million per vehicle, totaling N36 billion over the next three months.

Oluwagbemi emphasized that the goal is to promote the adoption of CNG as an alternative fuel for transportation.

“Today, we are here with conversion kits. We have purchased over 30,000 of these kits for distribution in the next 90 days,” he stated. “The President has directed us that this should not end with 30,000 kits. The target is one million kits, ensuring everyone can benefit from this government initiative.”

“The era of buying fuel at N750, N800, or N1,000 per liter is over. We will start using the gas beneath our feet, allowing us to buy it at N230 per kilogram,” he added.

Recall that President Bola Tinubu had ordered all Ministries, Departments, and Agencies to procure CNG-powered vehicles as a palliative measure to mitigate the impact of fuel subsidy removal.