President Bola Tinubu has revealed that Nigerian motorists can now purchase Premium Motor Spirit, commonly known as petrol, at a price of ₦1,000 per litre.
Additionally, he highlighted that a Standard Cubic Meter of Compressed Natural Gas (CNG)—an alternative to petrol—will be available for ₦200.
This announcement came during a meeting with the executives of the Nigerian Independent Petroleum Company (NIPCO), led by director Mr. Ramesh Kasangra, at the State House in Abuja on Tuesday.
The information was conveyed through a statement by the president’s Special Adviser on Information and Strategy, Bayo Onanuga.
“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.”
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.
Tinubu noted that the PCNGI has helped reduce Nigeria’s “reliance on petrol and cut down fuel costs for consumers, adding that the CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.
The president stressed his administration’s commitment to providing a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance 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.
