In the wake of the exorbitant hike in fuel price, coupled with its scarcity, President Bola Tinubu has come up with two options for Nigerians to either purchase a litre of Premium Motor Spirit, also known as petrol, at N1,000 per litre, or opt for the more affordable Compressed Natural Gas, CNG, at N200 per Standard Cubic Meter, which is also an equivalent of a litre of petrol.
Tinubu said this when he met with the executives of the Nigerian Independent Petroleum Company, led by the director, Mr Ramesh Kasangra, at the State House in Abuja Tuesday, according to a statement issued by the president’s Special Adviser on Information and Strategy, Bayo Onanuga.
“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,” Tinubu said.
The statement read partly: “The President commended NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the Presidential Compressed Natural Gas Initiative .
“During the meeting, President Tinubu acknowledged NIPCO’s role as a critical player in enhancing the adoption of CNG as an alternative fuel, noting that such investments align with his administration’s energy security and economic diversification strategy.
“He emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.
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“The President lauded NIPCO’s efforts in promoting and supporting the “Switch to CNG” campaign, which has been instrumental in boosting public awareness and providing affordable CNG conversion kits even before the official kickoff of the Presidential CNG Initiative.”
In January 2024, NIPCO said it had invested over N100 billion to lay pipelines for easy access to CNG from existing major trunks across its operating states and to build CNG stations across the country.
Tinubu noted that the PCNGI has helped reduce Nigeria’s “reliance on petrol and cut down fuel costs for consumers, adding that the CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.
The president stressed 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.
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