The era of purchasing fuel at N750 per liter has come to an end, according to the Nigerian Government.


The Nigerian government has stated the imminent end of the era of purchasing Premium Motor Spirit (PMS), commonly known as fuel, at exorbitant prices ranging from N750 to N1000 per liter.

This significant development is set to unfold with the impending commissioning of 30,000 Compressed Natural Gas (CNG) powered vehicles within the forthcoming 90-day period.

The Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, Mr. Michael Oluwagbemi, introduced this pioneering initiative during the Park to Park CNG Mobilization program held at the Ojota Park in Lagos on Saturday.

The Initiative is anticipated to incur an expenditure of approximately N36 billion for the procurement and distribution of 30,000 Compressed Natural Gas (CNG) conversion kits nationwide, free of charge, within the specified timeframe.

The conversion costs and kits were valued at a rate of N1.2m per vehicle, totaling N36bn over the next three months.

The primary objective of this strategic initiative is to facilitate the widespread adoption of Compressed Natural Gas (CNG) as a viable alternative fuel source for transportation systems.

“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,” he stated.

“The era of buying N750, N800, or N1,000/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 stated.

Recall that President Bola Tinubu has directed all government ministries, departments, and agencies to purchase Compressed Natural Gas (CNG)-powered vehicles as a temporary measure to mitigate the effects of fuel subsidy removal.