In a significant development for Nigerian motorists, President Bola Tinubu announced that petrol prices will now stand at N1,000 per litre, while an equivalent of a litre of petrol—Compressed Natural Gas (CNG)—will be priced at N200 per Standard Cubic Meter.
This announcement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on Tuesday.
According to a statement from the president’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasized the importance of transitioning to CNG as a cleaner and more affordable fuel alternative. He also introduced incentives for commercial motorists to switch from petrol to gas at no cost.
“The introduction of these prices reflects our commitment to enhancing energy security and reducing reliance on petrol,” Tinubu stated.
He commended NIPCO for its contributions to the nation’s energy transition, particularly through the Presidential Compressed Natural Gas Initiative (PCNGI).
The president acknowledged NIPCO’s role in promoting CNG adoption, underscoring its alignment with his administration’s strategy for economic diversification and energy efficiency.
“Public-private partnerships are crucial in driving the transition to cleaner energy solutions,” he added.
NIPCO has made significant investments in CNG infrastructure, reportedly investing over N100 billion to establish pipelines and CNG stations across Nigeria. Tinubu highlighted that these efforts have already begun to lower fuel costs for consumers and reduce the country’s carbon footprint.
During the meeting, NIPCO’s director, Mr. Ramesh Kasangra, expressed gratitude for the government’s support, affirming the company’s commitment to further investments in infrastructure to ensure nationwide accessibility to CNG.
As Nigeria navigates its energy transition, the government’s initiatives and private sector partnerships are set to play a pivotal role in shaping a sustainable and economically viable energy landscape for the future.