Subsidy Removal: Tinubu Planning Distribution Of ₦100 Cheap Fuel, Says NNPC Boss
President Bola Tinubu has begun putting in place a structural approach to make available cheap fuel through compressed natural gas (CNG) and liquefied natural gas (LPG) to mitigate the effects of the subsidy removal on Nigerians.
The Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, stated this on Wednesday in a chat with State House correspondents after a meeting with Tinubu.
Kyari said the plans would be rolled out soon, adding that the structural plan, which he described as a work in progress, was part of the President’s palliative measures for citizens.
He added that there was already an ongoing rehabilitation exercise in the nation’s refinery, which would be unveiled in no distant time.
Nigeria’s transportation industry will soon begin to see relief after the federal government’s petrol subsidy removal spiked exponential rise in the price of the product across the country.
The national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo, said the Association is 90 per cent ready to roll out Compressed Natural Gas (CNG) as alternative automotive fuel, which it is going to sell between N100 to N110 per litre before the end of June.
Okoronkwo, who confirmed said this on Channels Television’s Business Morning programme on Monday, stressed that CNG has come to serve as an alternative to petrol.
Okoronkwo, explained that CNG would help bring down the cost of energy in the country, adding, “Very soon, we will roll out. We are 90 per cent close to that, and that will also unveil many possibilities.”