President Bola Tinubu says Nigerian motorists can now purchase a litre of Premium Motor Spirit, also known as petrol, at N1,000 per litre.
The president also noted that the equivalent of a litre of petrol, which is a Standard Cubic Meter of Compressed Natural Gas, can be had for N200.
Tinubu said this when he met with the executives of the Nigerian Independent Petroleum Company, led by the director, Mr Ramesh Kasangra, at the State House in Abuja Tuesday, according to a statement issued by the presidentโs Special Adviser on Information and Strategy, Bayo Onanuga, titled, โPresident Tinubu meets NIPCO executives, commends investments in the CNG sector.โ
โNigeriaโs 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 gasโ free of cost,โ Tinubu said.
The statement read partly, โThe President commended NIPCOโs contributions to the nationโs energy transition efforts, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI).
โDuring the meeting, President Tinubu acknowledged NIPCOโs role as a critical player in enhancing the adoption of CNG as an alternative fuel, noting that such investments align with his administrationโs energy security and economic diversification strategy.
โHe emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.
โThe President lauded NIPCOโs efforts in promoting and supporting the โSwitch to CNGโ 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.โ
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 Nigeriaโs โreliance 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 administrationโs commitment to providing a conducive environment for private sector investments and expanding Nigeriaโs CNG infrastructure to enhance energy efficiency and economic growth.
He further encouraged NIPCO to continue its innovative approach to CNG expansion while supporting the governmentโs broader goals in the energy sector.
In his remarks, the companyโs director thanked the president for his steadfast support of the CNG sector, as he expressed NIPCOโs commitment to furthering the partnership with the government to ensure Nigeriaโs 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.