The adoption of the CNG initiative of President Bola Tinubu’s government will help to address the continuous high cost of food prices, the Federal Competition and Consumer Protection Commission says.
Acting FCCPC vice-chairman Adamu Abdullahi said this on Thursday at the sideline of a one-day webinar with NGOs and consumer protection groups in Abuja.
Mr Abdullahi explained some factors responsible for the high cost of food and said that CNG vehicles when in use, would help reduce the money spent on petrol for the transportation of food items.
He said the commission was also collaborating with markets’ associations to discourage cartels and price gouging in the markets.
”This CNG initiative and the vehicles that the government has brought will help reduce the cost of food in the markets,” he said.
Mr Abdullahi said that although the commission was not a price control or fixing agency, it would collaborate with relevant stakeholders to ensure market competition and fairness.
The CNG initiative is expected to reduce pressure on the country’s use of petrol and diesel.
After removing the fuel subsidy, the federal government provided N100 billion to purchase 5,500 CNG vehicles (buses and tricycles).
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.
(NAN)
