Amid ongoing economic challenges, President Bola Tinubu has announced that Nigerians now have the option to purchase premium motor spirit (PMS), commonly known as petrol, at N1,000 per litre, or choose compressed natural gas (CNG) at N200 per standard cubic meter. This announcement was made during a meeting with the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on October 22.
In a statement released by presidential media aide Bayo Onanuga, President Tinubu praised NIPCO for its contributions to the nation’s energy transition, particularly in supporting the presidential compressed natural gas initiative (PCNGI). He noted that using CNG can lead to significant savings for consumers.
“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,” the statement read.
The President emphasized the importance of public-private partnerships in facilitating the transition to cleaner and more affordable energy solutions for Nigerians. He commended NIPCO’s efforts in promoting the "Switch to CNG" campaign, which has increased public awareness and provided affordable CNG conversion kits even before the official launch of the Presidential CNG Initiative.
He highlighted the initiative's role in reducing the nation’s reliance on petrol and lowering fuel costs for consumers. "CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs," he stated.
The announcement includes incentives for commercial motorists to convert from petrol to gas at no cost. President Tinubu reaffirmed his administration’s commitment to creating a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance energy efficiency and stimulate economic growth