FG to reduce petrol price

The Federal Government decision to reduce fuel price is becoming a reality.

FG plan to reduce the pump price of Premium Motor Spirit (PMS) from N145 per liter to about N130.

Last week, the Minister of State for Petroleum Resources, Timipre Sylva, had said the government was consulting important stakeholders on the possibility of the reduction of the price following the fall of crude oil prices in the international market.

Onyxnewsng learned that the government may have approved the new price after a presentation by the Petroleum Minister,to the ongoing meeting of the Federal Executive Council (FEC) being chaired by President Muhammadu Buhari at the presidential villa, Abuja.

FG plan to reduce price of petroleum

Few months ago, Federal Government has revealed the decision to reduce the price of fuel by providing alternative petrol known as Compressed Natural Gas, CNG, for the masses.

Minister of State for Petroleum Resources, Timipre Sylva disclosed that the proposed CNG will cost between N95 to N97 per kilogram, the minister assured that the Petroleum Industry Bill (PIB) will be passed before May 29, 2020.

He also disclosed that CNG was undergoing a pilot project in Benin City where more than 10,000 vehicles are already running on it.

According to Sylva, Nigeria will never experience fuel scarcity again with CNG.

“What we have decided is that we should try and give the masses an alternative. This will move the masses to CNG,

“CNG cost less than the subsidized PMS. The subsidized rate of the PMS is N145 per litre. CNG will cost about N95 to N97 per litre,” he said.

This development came up after the federal government has confirmed the fifth case of coronavirus in the country, making it a total of eight cases of the deadly pandemic in Nigeria.

The Minister of Health Mr Osagie Ehinare confirmed the outbreak in a news briefing in Abuja today.