Tinubu Announces New Fuel Pricing Options for Nigerian Motorists
In a significant development for Nigeria’s energy sector, President Bola Tinubu has announced that motorists now have the choice to purchase petrol at N1,000 per litre or compressed natural gas (CNG) at N200 per Standard Cubic Meter. This announcement was made during a meeting with officials from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on Tuesday.
During the session, President Tinubu praised NIPCO for its contributions to the nation’s energy transition, notably its backing of the Presidential Compressed Natural Gas Initiative (PCNGI). He recognized NIPCO as an essential player in promoting the use of CNG as a viable alternative fuel, underscoring how such initiatives support his administration’s goals for energy security and economic diversification.
The President stressed the importance of fostering public-private partnerships to facilitate the shift towards more sustainable and affordable energy solutions for Nigerians. He commended NIPCO’s efforts in advocating for the “Switch to CNG” campaign, which has significantly raised public awareness and made CNG conversion kits available at low costs even prior to the official launch of the Presidential CNG Initiative. He noted that the campaign plays a crucial role in diminishing the country’s dependence on petrol while simultaneously lowering fuel expenses for consumers.
CNG is recognized as a cleaner, more cost-effective fuel option that helps reduce greenhouse gas emissions and offers significant savings for drivers. “Today, Nigerian motorists can opt to purchase petrol at N1,000 per litre, or its gas equivalent for N200 per Standard Cubic Meter. Additionally, we have rolled out incentives for commercial vehicle operators to convert from petrol to gas at no cost,” announced Tinubu, as quoted by Bayo Onanuga, his spokesperson.
The President reiterated his administration’s commitment to creating a favorable investment environment for the private sector and expanding Nigeria’s CNG infrastructure to drive energy efficiency and economic growth. He encouraged NIPCO to maintain its innovative strategies for CNG expansion while supporting the government’s overarching objectives in the energy domain.
Mr. Ramesh Kasangra, a director at NIPCO who led the delegation, expressed gratitude to President Tinubu for his unwavering support of the CNG industry. He reaffirmed NIPCO’s commitment to strengthening its partnership with the government to keep Nigeria’s energy transition on course. Kasangra assured the president of the company’s readiness to invest in the necessary infrastructure to make CNG more widely accessible throughout the country. He highlighted that NIPCO has played a significant role in various sectors within Nigeria for over forty years and remains committed to the nation’s long-term development.
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