In a bold move towards energy transition, the Nigerian government has announced the end of exorbitant fuel prices, signaling a significant shift for consumers who have been paying between 750 to 1000 naira per liter for Premium Motor Spirit (PMS). This change comes with the launch of an ambitious project to introduce 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, unveiled this plan during the Park to Park Compressed Natural Gas Mobilisation program at Ojota Park in Lagos on Saturday. The initiative, expected to cost 36 billion naira, aims to distribute CNG conversion kits free of charge nationwide.
With each conversion kit valued at approximately 1.2 million naira, the government’s investment underscores its commitment to promoting CNG as a viable alternative to traditional fuel sources. Oluwagbemi emphasized that this move is part of a broader strategy to adopt CNG for transportation, potentially easing the financial burden on Nigerian drivers and contributing to a more sustainable energy future.
