According to the Group General Manager/Special Assistant on Media to the Minister of State for Petroleum Resources, Garba Deen Muhammad, the conversion would run with the official launch of the National Gas Expansion Programme (NGEP), from Tuesday, December 1, 2020.

Muhammad hinted that the launch would also announce the formal dispensing of autogas – Compressed Natural Gas (CNG), and Liquefied Petroleum Gas (LPG) – products at two Nigerian National Petroleum Corporation (NNPC), retail stations.

While explaining the purpose of the programme, he said that the rollout is the culmination of the resolve of the Buhari-led government to deepen domestic usage of natural gas in several forms.

He added that the programme was in line with the government’s agenda to make gas the number one source of cheaper and cleaner energy for Nigerians in both industrial and personal efforts.

He said: “The Federal Government Autogas program will deliver at least one million vehicle conversions by the end of 2021 and herald the clean energy transition for Nigeria and delivery of cheap transportation fuel.”

Speaking on the development, the Minister of State for Petroleum Resources, Chief Timipre Sylva revealed that the Federal Government was working towards making the cost for the conversion affordable to all Nigerians.

Sylva stated that the Federal Government was intensifying efforts to provide Nigerians with autogas to reduce the effects of rising costs of Premium Motor Spirit, PMS, also known as petrol.

In the same vein, he stated that while some government official vehicles were already being converted, some cars in the president’s fleet would also be converted to run on autogas.

He however urged conversion centers to make vehicles and user safety a primary focus.

What you should know

Recall that in September, the federal government disclosed that Nigerians could start the conversion of cars using petrol to gas, with effect from October 2020.

To enable Nigerians key into this development, the Department of Petroleum Resources (DPR) also authorised 9,000 filling stations across the country to begin the installation of facilities for gas products.

Amongst other things, one of the benefits of converting cars using petrol to gas is that it will literally save most Nigerians from fuel cost. Asides from this, filling an autogas involves a sealed process, which means that it is environmentally beneficial to the health.

The post How FG Tends To Tackle Cost Of Transportation appeared first on Business News in Nigeria.

It can be recalled that Pfizer and BioNTech announced that a vaccine they jointly developed was 90 percent effective in preventing COVID19 infections.

Surprisingly, the message of hope drew the world audience as both local and international bodies congratulated them on the scientific trial.

But sadly, the good news didn’t last a bit as the petroleum products marketing company announced a new ex-depot of N155.17 for petrol. Ex depot price is the price marketers buy products from depot owners. So therefore, an increase or increase in ex depot has a major effect on the pump price of petrol.

However, Speaking on the development, the Minister of State for Petroleum Resources, Timipre Sylva said that the announcement made by the drug manufacturing company, Pfizer on the vaccine for Coronavirus was what led to the increase.

He said: “What happened recently was because of the announcement of a vaccine for COVID19 by Pfizer. With that, crude oil prices went up a little bit.

“If you have been following crude oil prices, you would have seen that crude oil went up a little bit as a result of the announcement. So when crude oil prices go up a little bit, then you will see that instantly reflect.”

In the same vein, Timipre said that the pump price of petrol is directly determined by the price of crude oil in the global market.

His words: “When the price of crude oil goes up, then it means that the price of the fixed stock has gone higher.

“It will also affect the price of the refined product and that is why you see that product prices are usually not static, it depends on the price of crude oil which goes up and down.

“That is why we say deregulate so that as the price goes up and down, you begin to go up and down as well as the pump. Before no, we fixed it, which was not optimal for us as a country.”

The post FG Blames Petrol Price Increase On COVID-19 Vaccine appeared first on Business News in Nigeria.