The minister of state for petroleum resources, Timipre Silva has disclosed that the federal government is planning to make fuel available at N97 per liter for the masses.
He further revealed that the FG intends to achieve this by using compressed natural gas (CNG) as an option to premium motor spirit (PMS).
The minister made this known while fielding questions from his Abuja office on Thursday, 16th January.
“If we are thinking of reducing pump price for fuel? I could easily say yes and I’m sure all of you wonder why I am saying that” he said.
“We are thinking of giving the masses an alternative. Today we are all hooked on PMS, what we want to do going forward is to see that we are able to move the masses to CNG gas.
“CNG unit for unit costs less than even the subsidized PMS. Per liter the subsidized rate of PMS is N145/l. CNG will cost N95 to N97/l that is why I could say we want to reduce the cost of fuel, that way when we are given an alternative Nigerians will not notice when the subsidy on PMS is removed.”