Business Headline News Nigeria

₦6bn needed to convert first 1 million cars from petrol to gas – Sylva

The federal government needs about ₦6 billion for the procurement of kits to convert the first one million cars from petrol to gas.

Minister of state for petroleum resources, Timipre Sylva, who made the announcement in Abuja, told newsmen that the sum was also needed to facilitate the procurement of equipment that would provide gas pump stations across the country.

Chief Sylva was speaking after leading chief executive officers of the mid and downstream sectors of the industry into a meeting with President Muhammadu Buhari.

On the recent increase in the price of cooking gas in the country, the Minister said the prices were determined by global market forces as was obtainable in Europe and other parts of the world.

President Buhari had expressed concern over the situation, as steps were been taken to ameliorate its effect, Chief Sylva hinted.

The Minister of state also disclosed that the president had directed him to proceed to Nenbe in Bayelsa State for an on-the-spot assessment of an oil spillage in order to urgently arrest the situation.

Chief Executive Officer of the Midstream Petroleum Regulatory Authority, Alhaji Farouk Ahmed, said the marginal queues witnessed at filling stations in Abuja and some other parts of the country were caused by the payment logistics in US dollars by depot owners, and stressed that the problem has been rectified.

Reporting by Abdullah Bello; editing by Muzha Kucha