This was disclosed by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in a press conference in Abuja. He also promised that the petroleum Industry Bill (PIB) will be passed before May 29th, 2020.
While fielding questions from journalists on if government is going to reduce the pump price of the Premium Motor Spirit (PMS) otherwise known as petrol, the minister said that there were plans to provide an alternative fuel that is cheaper known as CNG.
He said CNG has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it and that with CNG masses will have an alternative, while the cost of fuel will reduce to about N95 per litre.
Chief Sylvia said, CNG cost less than the subsidised PMS, which Per liter the subsidized rate of PMS is N145 per litre, While CNG will cost about N95 to N97 per litre.
The Minister of state for Petroleum Resources said Nigerians will never experience fuel scarcity again.