President Bola Tinubu says Nigerians can now buy Premium Motor Spirit (PMS), fondly called petrol, at N1,000 per litre or Compressed Natural Gas (CNG) at N200.
Tinubu said this during a meeting with NIPCO executives at the Presidential Villa in Abuja on Tuesday, October 22, 2024.
The president, who thanked NIPCO for investing in Nigeria’s CNG sector, commended the company’s contributions to the nation’s energy transition efforts, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI).
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.
Tinubu also lauded NIPCO’s efforts in promoting and supporting the “Switch to CNG” campaign, which he said has been instrumental in boosting public awareness and providing affordable CNG conversion kits even before the official kickoff of the Presidential CNG Initiative.
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He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers.
Tinubu said: “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.”
President Tinubu further reaffirmed 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 also urged NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector.
The NIPCO director, Ramesh Kasangra, who led the delegation, thanked Tinubu for his support of the CNG sector.
Kasangra expressed NIPCO’s commitment to furthering the partnership with the government to ensure Nigeria’s energy transition remains on track.
He assured the president that the company was ready to invest in infrastructure to make CNG more accessible nationwide.
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