President Bola Tinubu announced that Nigerian motorists can now buy a litre of Premium Motor Spirit, commonly known as petrol, for N1,000.
He also highlighted that a litre of petrol can be replaced with a Standard Cubic Meter of Compressed Natural Gas for just N200.
This statement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO), led by Director Mr. Ramesh Kasangra, at the State House in Abuja on Tuesday.
The details were shared in a statement by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, titled “President Tinubu Meets NIPCO Executives, Commends Investments in the CNG Sector.”
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“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 (PCNGI).
“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.
“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.”
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In January 2024, NIPCO announced an investment of over N100 billion to establish pipelines for easier access to compressed natural gas (CNG) from major trunks across its operational states and to develop CNG stations nationwide.
President Tinubu highlighted that the establishment of the PCNGI has significantly reduced Nigeria’s reliance on petrol and lowered fuel costs for consumers. He emphasized that CNG is a cleaner, more affordable fuel that not only decreases the carbon footprint but also offers substantial savings to consumers.
The president reaffirmed his administration’s commitment to fostering a supportive environment for private sector investments and expanding Nigeria’s CNG infrastructure to boost energy efficiency and economic growth.
He encouraged NIPCO to maintain its innovative efforts in CNG expansion while aligning with the government’s broader energy sector goals.
In response, the company’s director expressed gratitude for the president’s unwavering support of the CNG sector.
He reiterated NIPCO’s dedication to partnering with the government to ensure Nigeria’s energy transition stays on course and assured Tinubu that the company is prepared to invest in infrastructure to enhance nationwide CNG accessibility.
He also noted that NIPCO has been a vital player in various sectors of Nigeria for over 40 years and remains committed to the country’s long-term growth
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