President Bola Tinubu has announced that Nigerian motorists may now purchase a liter of Premium Motor Spirit, better known as petrol, for N1,000 per litre. The president also stated that the equivalent of one litre of fuel, a Standard Cubic Meter of Compressed Natural Gas, can be obtained for N200.
Tinubu said this while meeting with executives of the Nigerian Independent Petroleum Company, led by director Mr Ramesh Kasangra, at the State House in Abuja on Tuesday, according to a statement issued by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, titled, “President Tinubu meets NIPCO executives, commends investments in the CNG sector.”
“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.”
NIPCO said in January 2024 that it had invested more than N100 billion on pipelines allowing easy access to CNG from existing main trunks across its operating states, as well as in the construction of CNG stations around the country.
Tinubu stated that the PCNGI has helped reduce Nigeria’s “reliance on petrol and cut fuel costs for consumers,” and that CNG, as a cleaner and more cheaper fuel, lowers the carbon footprint and saves customers considerable fuel expenditures.
The president emphasized his administration’s commitment to creating a favorable environment for private sector investment and extending Nigeria’s CNG infrastructure to boost energy efficiency and economic growth.
He further encouraged NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector.
In his remarks, the company’s director thanked the president for his steadfast support of the CNG sector, as he expressed NIPCO’s commitment to furthering the partnership with the government to ensure Nigeria’s energy transition remains on track.
He also assured Tinubu that the company was ready to invest in infrastructure to make CNG more accessible nationwide. According to him, NIPCO has been a key player in various sectors of Nigeria for over four decades and will continue to believe in Nigeria for the long term.
