Wale Edun: FG to Expand CNG Programme Instead of Controlling Petrol Prices

The Federal Government has stated that it will not impose controls on petrol prices despite growing concerns over instability in global oil markets caused by ongoing tensions in the Middle East.

Minister of Finance, Wale Edun, explained during a television interview on Wednesday that the government would allow market forces to determine fuel prices rather than introducing price regulation. According to him, the administration is instead focusing on alternative measures aimed at reducing the impact of global oil market fluctuations on Nigerians.

Edun noted that the government is working on initiatives that would help ease transportation costs and provide more affordable energy options. One of the key measures already announced by President Bola Ahmed Tinubu is the distribution of 100,000 additional compressed natural gas (CNG) conversion kits to motorists.

The programme is intended to encourage vehicle owners to switch from petrol to CNG, which is significantly cheaper and more stable in price. Officials say CNG fuel can cost as little as 25 to 30 percent of the current price of petrol, offering a more affordable alternative for transportation and commercial activities.

The government believes expanding the use of CNG will help reduce pressure on petrol demand while shielding consumers from the effects of rising global oil prices.