Adoption of CNG initiative will crash food prices –FCCPC


Adoption of CNG initiative of the Federal Government will help to address the continuous high cost of food prices, the Federal Competition and Consumer Protection Commission (FCCPC) says.

Dr Adamu Abdullahi, the Acting Executive Vice Chairman of FCCPC, said this at the sideline of a one-day webinar with Non-Governmental Organisations (NGOs) and Consumer Protection Groups (CPGs), in Abuja on Thursday.

Abdullahi explaining some factors responsible for the high cost of food said that CNG vehicles, when in use would help reduce the money spent on Premium Motor Spirit (PMS) for transportation of food items.

He said the commission was also collaborating with markets’ associations to discourage cartels and price gouging in the markets.

ALSO READ  No plans to withdraw licences from more banks – CBN

”This CNG initiative and vehicles that the government has brought will help to reduce the cost of food in the markets,” he said.

Abdullahi said that although the commission was not a price control or fixing agency, it would collaborate with relevant stakeholders to ensure competition and fairness in the market place.

The News Agency of Nigeria (NAN) reports that the CNG initiative is expected to reduce pressure on the use of Premium Motor Spirit and diesel in the country.

NAN also reports that after the removal of fuel subsidy, the Federal Government provided N100 billion for the purchase of 5,500 CNG vehicles (buses and tricycles).

ALSO READ  How Oshiomhole frustrated plans to remove fuel subsidy by Obasanjo govt – Atiku

The money would also purchase 100 electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.

What are your thoughts?

Discover more from Odogwu Blog

Subscribe now to keep reading and get access to the full archive.

Continue reading