President Bola Tinubu has announced that Nigerians can now purchase a litre of Premium Motor Spirit (PMS), also known as petrol, at ₦1,000 per litre. However, he also highlighted that motorists can opt for Compressed Natural Gas (CNG), where the equivalent of a litre of petrol—measured as a Standard Cubic Meter—will cost ₦200.
Tinubu made these remarks during a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO), led by its Director, Mr. Ramesh Kasangra, at the State House in Abuja on Tuesday. The discussion was confirmed through a statement by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, titled “President Tinubu Meets NIPCO Executives, Commends Investments in the CNG Sector.”
The President underscored the potential benefits of adopting CNG, stating, “Nigerian motorists can buy petrol at ₦1,000 per litre or equivalent gas at ₦200 per Standard Cubic Meter. We have also introduced free incentives for commercial motorists to convert from petrol to gas.”
Tinubu commended NIPCO’s contributions to Nigeria’s energy transition, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI). He acknowledged the critical role NIPCO plays in advancing the adoption of CNG as an alternative fuel source, aligning with his administration’s goal of enhancing energy security and economic diversification.
The statement highlighted Tinubu’s emphasis on public-private partnerships as key to driving the shift to cleaner, more affordable energy options. The president praised NIPCO’s role in promoting the “Switch to CNG” campaign, which has significantly raised public awareness and made CNG conversion kits more accessible, even before the formal launch of the Presidential CNG Initiative.
Earlier this year, NIPCO announced that it had invested over ₦100 billion in constructing pipelines and CNG stations across Nigeria. This infrastructure aims to ensure easier access to CNG and facilitate a smoother energy transition for the nation.
Tinubu reiterated that the Presidential CNG Initiative has helped reduce Nigeria’s reliance on petrol, slashing fuel costs for consumers. CNG, being a cleaner and cheaper alternative, not only lowers carbon emissions but also offers substantial cost savings to motorists.
The President also reaffirmed his administration’s dedication to fostering a conducive environment for private sector investments, focusing on expanding Nigeria’s CNG infrastructure to boost energy efficiency and stimulate economic growth.
In response, Mr. Kasangra expressed gratitude for the president’s unwavering support for the CNG sector. He reaffirmed NIPCO’s commitment to partnering with the government to ensure the successful transition to cleaner energy solutions and pledged the company’s continued investment in making CNG more accessible nationwide.
With a presence in various sectors across Nigeria for over four decades, NIPCO remains committed to contributing to the nation’s long-term energy future.
