President Bola Tinubu declared that Nigerian motorists can now purchase Premium Motor Spirit (petrol) for N1,000 per litre or its equivalent in Compressed Natural Gas (CNG) at N200 per Standard Cubic Meter.
This pricing strategy was unveiled during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on Tuesday, October 22.
According to a statement issued by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu highlighted the government’s commitment to facilitating a smoother energy transition for Nigerians.
“We have also introduced incentives for commercial motorists to convert from petrol to gas at no cost,” he noted.
During the meeting, Tinubu praised NIPCO’s contributions to Nigeria’s energy transition efforts, particularly its role in supporting the Presidential Compressed Natural Gas Initiative (PCNGI).
He acknowledged NIPCO’s efforts to enhance the adoption of CNG as a viable alternative fuel, which aligns with his administration’s strategies for energy security and economic diversification.
The president emphasised the significance of public-private partnerships in promoting cleaner and more affordable energy solutions.
He lauded NIPCO’s “Switch to CNG” campaign, which has raised public awareness and provided affordable conversion kits ahead of the official launch of the PCNGI.
In January 2024, NIPCO announced an investment of over N100 billion to develop pipelines and build CNG stations across the country, aiming to enhance access to CNG from existing trunk lines.
Tinubu noted that the PCNGI has been instrumental in reducing Nigeria’s reliance on petrol while cutting fuel costs for consumers.
He described CNG as a cleaner and more cost-effective fuel that lowers carbon emissions and benefits consumers financially.
The president reaffirmed his administration’s dedication to fostering a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to improve energy efficiency and stimulate economic growth.
NIPCO’s director expressed gratitude to the president for his support of the CNG sector and assured Tinubu of the company’s readiness to invest in infrastructure to make CNG more accessible nationwide.
He reiterated NIPCO’s long-term commitment to Nigeria, citing its active role in various sectors over the past four decades.
This initiative marks a significant step towards transforming Nigeria’s energy landscape, providing motorists with more affordable fuel options while supporting the nation’s transition to cleaner energy sources.
