The Federal Government has revealed plans are underway to provide alternative petrol - Compressed Natural Gas (CNG) - for the common man that will cost between N95 to N97 per litre.
It also promised to pass the Petroleum Industry Bill (PIB) before
The Minister of State for
Asked whether government was going to reduce the pump prices of the Premium Motor Spirit (PMS) to make it more affordable, the minister said that there were plans to provide an alternative fuel that is cheaper.
He disclosed the fuel CNG has undergone a pilot project in
With CNG, Sylva said that the cost of fuel will reduce to about N95 per litre.
According to him: 'What we have decided is that we should try and give the masses an alternative. This will move the masses to CNG.
'That is transport vehicles for example, out of the PMS loop to be using the CNG. CNG cost less that the subsidised PMS. Per liter the subsidized rate of the PMS is N145 per litre. CNG will cost about N95 to N97 per litre.' Sylva posited that Nigerians will never experience fuel scarcity again.
Asked to comment on the
He submitted that from the look of things of the reconciliation of the time it ceased to be for the companies and since it was not a stolen fund stacked somewhere, the federal government and the companies simply have to settle it amicably.
He said that 'there is no
According to him, the industry has been stagnant for a very long time owing to the non passage of the bill, which the ministry has now planned to lobby the
He lamented that the Nigerian petroleum industry has not moved forward, noting that at his first appearance in the industry the country was already producing 2million barrel per day and projecting to produce 4million barrel per day by this time.
He recalled that then the
According to him, the UEA has progressed to 4million per day while
Enumerating the benefits that
With the passage of the bill, the minister said that the incorporation of the
He added that with the legislation in place, it would become possible to conduct a major bid rounds, which its proceeds can be channeled into project development.
The minister noted: 'Counting on the current harmony between the legislation and executive, we are optimistic that both the
'We want to progress the consideration and passage of the overall petroleum and legislation. The team working in the PIB is on the final of the harmonization of the different versions from 2000 to date (2009, 2012 and 2018).'
Sylva earlier dropped the hint of the ministry's plan to bring the petroleum industry closer to common man in the country. He said that plans are already underway to make the fuel more affordable and accessible by the common man.
© Pakistan Press International, source