Nigerian motorists can choose between N1000/litre petrol and N200/meter CNG – Tinubu
President Bola Tinubu on Tuesday announced an update regarding fuel pricing for Nigerian motorists.
As of now, motorists have the option to purchase petrol at a price of N1,000 per litre. This announcement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja.
In addition to the petrol pricing, President Tinubu highlighted an alternative fuel option: Compressed Natural Gas (CNG).
The cost for CNG is set at N200 per Standard Cubic Meter. This pricing structure presents a stark contrast between traditional petrol and CNG, making CNG a more affordable choice for consumers.
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To encourage the adoption of CNG among motorists, particularly commercial drivers, the government introduced incentives that allow these drivers to convert their vehicles from petrol to gas free of charge. This initiative aims to facilitate a smoother transition towards cleaner energy sources and reduce reliance on petrol.
The president emphasized that this move aligns with his administration’s broader goals of enhancing energy security and promoting economic diversification within Nigeria. By reducing dependence on petrol and encouraging the use of CNG, the government aims to alleviate some of the financial pressures faced by consumers due to rising fuel costs.
The shift towards CNG is part of Nigeria’s strategy to transition towards cleaner energy solutions. The government recognizes NIPCO’s role as a critical player in this transition and has commended their investments in expanding CNG infrastructure across the country. These efforts are expected to not only provide more affordable fuel options but also contribute positively to environmental sustainability by reducing carbon emissions associated with traditional fossil fuels.
Furthermore, President Tinubu reiterated his administration’s commitment to fostering public-private partnerships that can drive innovation and investment in the energy sector. By creating an environment conducive to private sector involvement, Nigeria aims to enhance its energy efficiency and support economic growth through diversified energy sources.
Nigerian motorists can now choose between purchasing petrol at N1,000 per litre or opting for Compressed Natural Gas (CNG) at N200 per Standard Cubic Meter, with additional incentives available for those transitioning from petrol to gas-powered vehicles.
