President Bola Tinubu has announced that Nigerians can now choose to buy premium motor spirit (PMS), commonly known as petrol, at N1,000 per litre, or opt for compressed natural gas (CNG) at N200 per standard cubic meter.
The announcement was made during a meeting with the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on Tuesday.
Bayo Onanuga, special adviser to the president, in a statement on Tuesday, said Tinubu emphasized the benefits of CNG as a cost-effective alternative to petrol, while acknowledging NIPCO’s significant role in Nigeria’s energy transition.
“CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs,” the statement read. “Nigerian motorists can buy petrol at N1,000 per litre or the gas equivalent per Standard Cubic Meter at N200.”
The president praised NIPCO’s contributions to the Presidential Compressed Natural Gas Initiative (PCNGI), which aims to promote CNG as an alternative fuel to petrol. He commended the company’s efforts in providing affordable CNG conversion kits and raising public awareness about the advantages of CNG.
Tinubu underscored the importance of public-private partnerships in achieving cleaner and more economical energy solutions for Nigerians, aligning with his administration’s focus on energy security and economic diversification. He also announced that his government has introduced incentives to encourage commercial motorists to convert from petrol to CNG at no cost.
“He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers,” Onanuga stated.
In response, Ramesh Kasangra, Director of NIPCO, expressed appreciation for the president’s ongoing support of the CNG sector. Kasangra also confirmed that NIPCO is prepared to invest in expanding the nation’s CNG infrastructure, making it more accessible across the country.
Kasangra emphasized that NIPCO has been a leading player in various sectors of Nigeria’s economy for over four decades, and remains committed to supporting the government’s energy goals.
President Tinubu reiterated his administration’s commitment to creating a favorable environment for private sector investment, with a focus on expanding Nigeria’s CNG infrastructure to drive energy efficiency and economic growth.
