The Federal Government’s push for Compressed Natural Gas (CNG) as an affordable alternative to petrol is facing a new challenge. The price of CNG has nearly doubled to ₦450 per standard cubic meter after the government reduced its subsidy.
Key Points:
The price of CNG has risen from ₦230 to ₦450/SCM for trucks.
The increase follows a reduction in the government’s subsidy for the gas.
Commercial vehicles and cars are now charged a slightly reduced rate of ₦380/SCM...READ FULL; FROM THE SOURCE.
Long queues at the few operational refuelling stations are forcing many vehicle owners back to petrol.
A retailer warned that the price could rise further to ₦600 to attract more private investors.
For many motorists, the difference between the new CNG price and petrol is no longer significant enough.
The price instability and inadequate infrastructure could discourage further adoption and investment in the initiative.
The rapid price increase and persistent supply issues are causing frustration among Nigerians who invested in converting their vehicles. This challenge could undermine the government’s primary solution to the petrol subsidy removal..Check The, Full Story Here Now
Source: Segun Adeyemi, News Report
