President Bola Tinubu Announces New Petrol and Compressed Natural Gas Prices

By DAYO ADESULU

Motorists Can Purchase Petrol at N1,000 per Litre, CNG at N200 per Standard Cubic Meter

President Bola Tinubu has announced that Nigerian motorists can now purchase a litre of Premium Motor Spirit (petrol) at N1,000. Additionally, the equivalent of a litre of petrol in Compressed Natural Gas (CNG) can be obtained for N200. This announcement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on Tuesday.

Incentives for Transitioning to CNG

During the meeting, President Tinubu highlighted the government’s initiative to encourage commercial motorists to convert from petrol to gas at no cost. He stated, “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.”

Support for Energy Transition Initiatives

The President commended NIPCO for its significant contributions to Nigeria’s energy transition efforts, particularly in support of the Presidential Compressed Natural Gas Initiative (PCNGI). He acknowledged NIPCO’s crucial role in promoting CNG as an alternative fuel, emphasizing that such investments are in line with his administration’s strategy for energy security and economic diversification.

Tinubu stressed the importance of public-private partnerships in advancing the transition to cleaner and more affordable energy solutions for Nigerians. He praised NIPCO’s “Switch to CNG” campaign, which has been effective in raising public awareness and providing affordable CNG conversion kits even before the official launch of the Presidential CNG Initiative.

Investment in CNG Infrastructure

NIPCO has reportedly invested over N100 billion to establish pipelines for easy access to CNG from existing major trunks across its operating states and to build CNG stations nationwide. President Tinubu noted that the PCNGI has reduced Nigeria’s reliance on petrol and lowered fuel costs for consumers. He emphasized that CNG, being a cleaner and more affordable fuel, helps reduce the carbon footprint and offers significant savings for consumers.

Commitment to Private Sector Engagement

The President reiterated his administration’s commitment to fostering a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance energy efficiency and economic growth. He encouraged NIPCO to continue its innovative approach to CNG expansion while aligning with the government’s broader energy sector goals.

In response, NIPCO’s director expressed gratitude for the President’s unwavering support of the CNG sector and reaffirmed the company’s commitment to partnering with the government to ensure Nigeria’s energy transition remains on course. He assured Tinubu that NIPCO is prepared to invest in infrastructure to make CNG more accessible throughout the nation.