President Tinubu Announces New Fuel Prices and Incentives for CNG Adoption
In a major policy shift, President Bola Tinubu has announced new fuel prices aimed at encouraging the adoption of Compressed Natural Gas (CNG) as a cleaner and more affordable alternative to petrol. During a meeting at the State House in Abuja with executives from the Nigerian Independent Petroleum Company (NIPCO), Tinubu disclosed that motorists will now pay N1,000 per litre for Premium Motor Spirit (petrol), while the equivalent amount of CNG will be available at N200 per litre.
A Push for Cleaner Energy Alternatives
The President emphasized that the government is committed to driving the transition from petrol to CNG, particularly for commercial motorists, who will be incentivized to make the switch at no cost. “Nigeria’s motorists can buy petrol at N1,000 per litre or the equivalent gas per Standard Cubic Meter at N200,” Tinubu stated. This initiative is part of a broader strategy to promote cleaner and more affordable energy solutions across the country, reducing both costs and the environmental impact of fuel consumption.
Recognizing NIPCO’s Role in Energy Transition
Tinubu took the opportunity to commend NIPCO for its contributions to Nigeria’s energy transition efforts. A statement issued by Bayo Onanuga, the president’s Special Adviser on Information and Strategy, highlighted NIPCO’s role in supporting the Presidential Compressed Natural Gas Initiative (PCNGI). “The President commended NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the PCNGI,” the statement read.
NIPCO has been instrumental in promoting CNG adoption as an alternative fuel source. Tinubu noted that the company’s investments in the sector align with his administration’s goals of enhancing energy security and fostering economic diversification. “Public-private partnerships are essential to achieving our objectives of cleaner and more affordable energy solutions for Nigerians,” he added.
NIPCO’s “Switch to CNG” Campaign
President Tinubu praised NIPCO’s proactive efforts in its “Switch to CNG” campaign, which has played a significant role in raising public awareness and making affordable CNG conversion kits available. This initiative has been ongoing even before the official launch of the PCNGI. NIPCO’s recent investments, including over N100 billion in laying pipelines and constructing CNG stations across the country, were also highlighted. “These efforts ensure easy access to CNG from existing major trunk lines in the company’s operating states,” the statement continued.
Reducing Reliance on Petrol and Cutting Costs
Tinubu expressed optimism about the PCNGI’s potential to significantly reduce Nigeria’s reliance on petrol, benefiting both consumers and the environment. He emphasized that CNG is not only more affordable but also a cleaner fuel option, helping to reduce the country’s carbon footprint while lowering fuel costs. “CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs,” the President said, reinforcing the environmental and economic advantages of transitioning to CNG.
Encouraging Private Sector Investment in CNG Infrastructure
The President reiterated his administration’s commitment to creating an enabling environment for private sector investment in the energy sector. He stressed the need for expanded CNG infrastructure to improve energy efficiency and stimulate economic growth. “I encourage NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector,” Tinubu urged.
NIPCO’s Commitment to Energy Transition
In response, NIPCO’s director expressed gratitude for the President’s support of the CNG sector and reaffirmed the company’s dedication to partnering with the government in Nigeria’s energy transition. “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,” the director stated, underscoring the company’s long-term commitment to the country’s energy future.
Conclusion
President Tinubu’s announcement of new fuel prices and incentives for CNG adoption marks a significant step in Nigeria’s journey toward cleaner, more affordable energy solutions. Through collaborative efforts with private sector leaders like NIPCO, the administration aims to accelerate the transition to CNG, reducing fuel costs for consumers and contributing to a more sustainable energy future
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