President Bola Tinubu has announced that Nigerians now have a choice between purchasing petrol at the high cost of N1,000 per litre or opting for the more affordable alternative of Compressed Natural Gas (CNG) at N200 per Standard Cubic Meter.
The announcement was made during a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja.
Tinubu stressed that this initiative is part of his administration’s plan to ease the burden of high fuel prices on citizens while promoting cleaner and more sustainable energy sources.
According to a statement by the presidential spokesman, Bayo Onanuga, Tinubu said, “Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200. We have also introduced incentives for commercial motorists to convert from petrol to gas, free of cost.”
This shift is seen as a significant step in Nigeria’s energy transition, with the government actively promoting the use of CNG as a cheaper and more environmentally friendly alternative to petrol.
The president also commended NIPCO for its role in supporting the Presidential Compressed Natural Gas Initiative (PCNGI). He praised the company for its efforts to expand the nation’s CNG infrastructure, which is vital to ensuring the success of the government’s energy goals.
The statement added, “President Tinubu reaffirmed his administration’s commitment to providing a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance energy efficiency and economic growth.
“He further encouraged NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector.
“Mr Ramesh Kasangra, NIPCO director, who led the delegation, thanked President Tinubu for his steadfast support of the CNG sector.
“He expressed NIPCO’s commitment to furthering the partnership with the government to ensure Nigeria’s energy transition remains on track.
“He assured the president that the company was ready to invest in infrastructure to make CNG more accessible nationwide.
“According to him, NIPCO has been a key player in various sectors of Nigeria for over four decades and will continue to believe in Nigeria for the long term.”
