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President Bola Tinubu has said that Nigerian motorists now have a choice between paying N1,000 per litre for Premium Motor Spirit (PMS), commonly known as petrol, or Compressed Natural Gas (CNG) at N200 per Standard Cubic Meter.
The president said this during a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO), led by the director, Mr. Ramesh Kasangra, at the State House in Abuja.
In a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasised his administration’s push for cleaner, more affordable fuel options for Nigerians.
“Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200,” Tinubu stated. “We have also introduced incentives for commercial motorists to convert from petrol to gas, free of cost.”
Continuing, he said; “This move is part of the Presidential Compressed Natural Gas Initiative (PCNGI), which is aimed at reducing the country’s reliance on petrol while promoting the use of CNG as an alternative fuel source. Tinubu praised NIPCO’s role in supporting the initiative, noting that the company’s investments align with his administration’s energy diversification strategy.
“NIPCO’s efforts in promoting and supporting the ‘Switch to CNG’ campaign have been instrumental in boosting public awareness and providing affordable CNG conversion kits,” the president said. “This partnership helps us reduce fuel costs for consumers and our carbon footprint.”
Tinubu also underscored the importance of public-private partnerships in driving Nigeria’s energy transition and reaffirmed the government’s commitment to creating a conducive environment for private-sector investments.
“Our administration is focused on expanding Nigeria’s CNG infrastructure to enhance energy efficiency and stimulate economic growth,” Tinubu remarked, highlighting the long-term benefits of cleaner and more affordable energy solutions.
“This initiative, coupled with the free conversion of vehicles to CNG, is expected to relieve the financial burden on motorists and contribute to Nigeria’s broader goals of reducing its carbon footprint and achieving energy security.”
In his remarks, Mr Ramesh Kasangra expressed his gratitude for the government’s steadfast support of the CNG sector. He reaffirmed NIPCO’s commitment to working closely with the government to expand the CNG infrastructure, ensuring that CNG becomes a viable and accessible alternative for Nigerians nationwide.
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“We believe in Nigeria’s long-term potential,” Kasangra said, adding that NIPCO has already invested over N100 billion in laying pipelines for easy access to CNG and building CNG stations across the country.
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU MEETS NIPCO EXECUTIVES, COMMENDS INVESTMENTS IN THE CNG SECTOR
President Bola Tinubu thanked NIPCO for investing in Nigeria’s Compressed Natural Gas (CNG) sector during a meeting with the company’s executives at the State House in… pic.twitter.com/HWaEuOJt9e
— Bayo Onanuga (@aonanuga1956) October 22, 2024
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