Tinubu to Nigerians: Buy petrol at N1,000 per litre or CNG for N200

President Bola Tinubu says Nigerians can buy premium motor spirit (PMS), also known as petrol, at N1,000 per litre or compressed natural gas (CNG) at N200 per standard cubic meter.

In a statement by Bayo Onanuga, special adviser to the president, Tinubu spoke during a meeting with the Nigerian Independent Petroleum Company (NIPCO) on Tuesday at the State House in Abuja.

While commending NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the presidential compressed natural gas initiative (PCNGI), Tinubu said CNG saves consumers significant costs.

“President Tinubu acknowledged NIPCO’s role as a critical player in enhancing the adoption of CNG as an alternative fuel, noting that such investments align with his administration’s energy security and economic diversification strategy,” Onanuga said.

“He emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.

“The President lauded NIPCO’s efforts in promoting and supporting the ‘Switch to CNG’ 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.

“He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers.

“CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.

“Nigerian motorists can buy petrol at N1,000 per litre or the gas equivalent per Standard Cubic Meter at N200. We have also introduced incentives for commercial motorists to convert from petrol to gas, free of cost.”

‘WE’RE COMMITTED TO PROVIDING CONDUCIVE ENVIRONMENT FOR INVESTMENTS’

Tinubu said his administration remains committed to providing a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance energy efficiency and economic growth.

He encouraged NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector.

Ramesh Kasangra, NIPCO director, who led the delegation, thanked Tinubu for his steadfast support of the CNG sector.

Kasangra said the company was ready to invest in infrastructure to make CNG more accessible nationwide as they have been a key player in various sectors of Nigeria for over four decades.

On May 29, 2023, Tinubu announced the removal of subsidy on petrol — a development that immediately led to a spike in the price of PMS, as well as goods and services.

Three months later, he approved the establishment of the PCNGI.

Ajuri Ngelale, the former special adviser to the president on media and publicity, said the initiative would ease the impact of the petrol subsidy removal on Nigerians by reducing energy costs.

To increase the adoption of CNG, the federal government launched a portal for vehicle owners to ‘convert to CNG and pay later’ on October 9, 2024.