Business
Tinubu unveils new fuel, CNG price template
President Bola Tinubu announced a significant development for Nigerian motorists on Tuesday, revealing that petrol can now be purchased at N1,000 per litre.
Alternatively, drivers can opt for Compressed Natural Gas (CNG) at a substantially lower price of N200 per Standard Cubic Meter. This initiative is part of Tinubu’s broader strategy to transition Nigeria towards cleaner and more affordable energy solutions.
The announcement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO), where Tinubu commended their substantial investments in the CNG sector.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasized the vital role of public-private partnerships in achieving energy transition goals.
“Motorists in Nigeria can now choose to buy petrol at N1,000 per litre or opt for gas at N200 per Standard Cubic Meter. We have also introduced incentives for commercial motorists to convert from petrol to gas free of cost,” Tinubu stated. This initiative aims to encourage a shift towards CNG, which is considered a more environmentally friendly alternative to traditional petrol.
NIPCO has played a pivotal role in the promotion of CNG as a viable fuel option, investing over N100 billion in the development of pipeline infrastructure and CNG stations nationwide.
Their commitment to enhancing public awareness and providing affordable CNG conversion kits has been instrumental in supporting the government’s objectives.
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During the meeting, Tinubu recognized NIPCO’s critical role in advancing the adoption of CNG.
He noted that their investments align seamlessly with his administration’s strategies for energy security and economic diversification. “Public-private partnerships are essential in driving this transition to cleaner and more affordable energy solutions for all Nigerians,” he reiterated.
Furthermore, the President praised NIPCO for spearheading the “Switch to CNG” campaign, which has significantly raised public awareness about the benefits of switching to CNG even before the official launch of the Presidential CNG Initiative. This campaign has been vital in promoting the advantages of CNG, particularly in terms of cost savings and environmental impact.
As Nigeria seeks to navigate its energy landscape, this announcement marks a crucial step towards diversifying its energy sources and reducing reliance on petrol.
With the backing of both the government and private sector players like NIPCO, the transition to CNG presents a promising opportunity for more sustainable fuel options in the country.
