President Bola Tinubu has assured Nigerians that his administration is addressing the recent fuel price hikes with a viable solution. This announcement follows the increase in fuel prices at filling stations owned by the Nigerian National Petroleum Company Limited (NNPC), which recently raised the price to about N1,030 per litre. This change comes just a month after the price surged from N670 to over N850 per litre, leading to significant rises in transportation and food costs, resulting in severe inflation.
In response to these price increases, the government has launched an application portal for Nigerians wishing to convert their vehicles from petrol, also known as Premium Motor Spirit, to Compressed Natural Gas (CNG). President Tinubu’s administration believes that investment in CNG will help ease the burden of rising fuel prices.
A statement from Bayo Onanuga, the Special Adviser to the President on Information and Strategy, highlighted President Tinubu’s appreciation for the Nigerian Independent Petroleum Company (NIPCO) Plc for its prompt investment in energy transition efforts. The President emphasized that these investments align with his administration’s strategy for energy security and economic diversification.
The statement noted, “He emphasized the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.” President Tinubu praised NIPCO’s efforts in promoting the “Switch to CNG” campaign, which has increased public awareness and provided affordable CNG conversion kits even before the official launch of the Presidential CNG Initiative.
He further explained the benefits of the initiative, stating, “CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.” Currently, motorists in Nigeria can purchase petrol at N1,000 per litre, while CNG costs around N200 per Standard Cubic Meter. Additionally, the government has introduced incentives for commercial motorists to convert from petrol to gas at no cost.
President Tinubu reaffirmed his administration’s commitment to creating a favorable environment for private sector investments and expanding Nigeria’s CNG infrastructure to improve energy efficiency and economic growth. He encouraged NIPCO to continue its innovative approach to expanding CNG services while supporting the government’s broader objectives in the energy sector.
During a meeting with the President, Mr. Ramesh Kasangra, NIPCO director, thanked President Tinubu for his ongoing support of the CNG sector. He assured the President that NIPCO is prepared to invest in infrastructure to make CNG more accessible across the country. Kasangra emphasized that NIPCO has been a key player in various sectors in Nigeria for over 40 years and remains committed to the country’s long-term growth and energy transition.
