JUST IN: President Tinubu Announces New Fuel Prices, Incentives for CNG Adoption

In a significant announcement, President Bola Tinubu revealed that Nigerian motorists can now purchase a litre of Premium Motor Spirit (petrol) at N1,000. During a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja, Tinubu also noted that the equivalent of a litre of petrol in Compressed Natural Gas (CNG) can be acquired for N200. This pricing shift aims to encourage the adoption of cleaner energy alternatives among motorists.CONTINUE FULL READING>>>>>

Tinubu made these remarks on Tuesday, stating, “Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200.” He further emphasized the government’s commitment to incentivizing commercial motorists to transition from petrol to gas at no cost. This initiative is part of a broader strategy to promote cleaner and more affordable energy solutions across the country.

The meeting was significant, as it underscored the administration’s focus on energy transition efforts. According to a statement issued by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu commended NIPCO for its contributions to this initiative. “The President commended NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI),” the statement read.

Tinubu acknowledged NIPCO’s role as a vital player in enhancing the adoption of CNG as an alternative  fuel. He noted that such investments align closely with his administration’s objectives of ensuring energy security and economic diversification. “He emphasized the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians,” the statement elaborated.

In his remarks, the president praised NIPCO’s “Switch to CNG” campaign, which has been instrumental in increasing public awareness and providing affordable CNG conversion kits. He noted that this effort has been significant even before the official launch of the Presidential CNG Initiative. “In January 2024, NIPCO said it had invested over N100 billion to lay pipelines for easy access to CNG from existing major trunks across its operating states and to build CNG stations across the country,” the statement highlighted.

Tinubu expressed optimism about the PCNGI’s potential to reduce Nigeria’s reliance on petrol, stating that it aims to cut down fuel costs for consumers. “The CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs,” he added, reinforcing the environmental and economic benefits of this transition.

The president reiterated his administration’s commitment to fostering a conducive environment for private sector investments. He emphasized the need to expand Nigeria’s CNG infrastructure to enhance energy efficiency and stimulate economic growth. “I encourage NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector,” Tinubu urged.

In response, NIPCO’s director expressed gratitude for the president’s unwavering support of the CNG sector. He reaffirmed the company’s commitment to deepening its partnership with the government to ensure Nigeria’s energy transition remains on course. “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,” he assured.CONTINUE FULL READING>>>>>