Timipre Sylva, Minister of State for Petroleum

Government mulls over petrol at N97 per litre -Minister

Isola Moses

Timipre Sylva, Nigeria’s Honourable Minister of State for Petroleum Resources, has said the Federal Government is working to make fuel available at N97 per litre, using the Compressed Natural Gas (CNG) as an option to Premium Motor Spirit (PMS).

CNG is a fuel that can be used in place of gasoline, diesel fuel and liquefied petroleum gas (LPG).

It is used in traditional gasoline/internal combustion engine automobiles, or specifically manufactured vehicles.

Fielding questions from reporters in his office in Abuja, Thursday, January 16, reports say Sylva stated that the common man would not notice that subsidy on PMS has been removed when they have CNG as an option.

“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 subsidised PMS. Per litre the subsidised rate of PMS is N145/litre, he said.

According to him, CNG will cost N95 to N97/litre; 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.”

The minister said he is hoping that the petroleum industry bill (PIB) will be passed by the National Assembly (NASS) before May 2020.

According to him, the PIB “has taken us back for too long.”

“We are very ambitious about the PIB, and we are hoping that it will pass before May this year, which is the first anniversary of this administration and second tenure of this government,” he said.

He solicited building a consensus around the PIB because “the PIB has taken us back for too long.

“It has held us down for too long, and we need to get it passed quickly.

“It is taking us a while to tidy up because we want to take every interest on board,” he said.

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