In a significant announcement, President Bola Tinubu disclosed that Nigerian motorists can now expect to purchase petrol, known as Premium Motor Spirit, for N1,000 per litre. In contrast, a litre of petrol is equivalent to about a Standard Cubic Meter of Compressed Natural Gas (CNG) priced at N200. This revelation took place during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO), led by Mr. Ramesh Kasangra, at the State House in Abuja. The meeting emphasized the government’s commitment to providing cost-effective energy solutions while steering Nigeria toward a sustainable energy future.
President Tinubu highlighted the government’s initiatives to encourage commercial motorists to transition from petrol to gas without incurring conversion costs, aiming to promote the use of CNG as a viable alternative fuel for vehicles. The collaborative approach involving public-private partnerships was reiterated, stressing its importance in fostering the nation’s energy transition. The President particularly commended NIPCO for its investments in the CNG sector, underscoring the company’s role as a facilitator in expanding the reach and adoption of CNG in Nigeria, aligning with his administration’s energy security and economic diversification goals.
At the meeting, Tinubu expressed gratitude for NIPCO’s contribution to the Presidential Compressed Natural Gas Initiative (PCNGI), which seeks to lessen the nation’s dependence on petrol while harnessing cleaner energy sources. He acknowledged that the PCNGI has already made significant strides in reducing fuel costs for consumers by providing an affordable and environmentally friendly alternative. The president noted that CNG not only delivers lower operational costs to motorists but also reduces the overall carbon footprint, making it a compelling choice during a time of heightened environmental consciousness.
In a bid to bolster Nigeria’s CNG infrastructure, NIPCO revealed that it has invested over N100 billion since January 2024 to create pipelines that connect key supply sources and establish multiple CNG stations across the nation. President Tinubu emphasized the necessity of enhancing energy efficiency to stimulate economic growth while ensuring that the private sector remains active in the energy ecosystem. His administration remains dedicated to cultivating a favorable environment that attracts further investments into CNG infrastructure, which is crucial for the nation’s transition toward cleaner energy.
During the discussions, NIPCO’s director expressed appreciation for President Tinubu’s unwavering support of the CNG sector and reiterated the company’s commitment to investing in the necessary infrastructure to expand accessibility to CNG throughout Nigeria. His assurance that NIPCO is prepared to enhance its partnership with the government reflected a unified vision for a smoother energy transition. Over the years, NIPCO has established itself as a critical player in Nigeria’s energy landscape, advancing the goal of a sustainable and economically viable energy future for the country.
Overall, President Tinubu’s strategic initiatives and dialogues with industry stakeholders like NIPCO reflect a robust commitment to transforming Nigeria’s energy sector. By prioritizing cleaner energy solutions and encouraging the adoption of CNG, the Tinubu administration is setting the foundation for an innovative energy future that not only addresses current fuel cost challenges but also paves the way for environmental sustainability and economic diversification, critical for Nigeria’s long-term growth and stability. This collaborative approach between government and private enterprises is poised to enhance energy efficiency and create a more resilient economy.
