Fuel price at N1030: Presidency sends important message to all Nigerians

• NNPC Limited has increased petrol pump prices again, bringing more headaches to motorists and commuters
• Checks by Legit.ng shows that the changes have already begun in Abuja, and similar adjustments are expected to be made by other marketers
• Amid the discomfort at fuel stations, authorities have restated that with the Compressed Natural Gas (CNG), the Bola Tinubu administration has provided a sustainable and practical option for road users

Legit.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public affairs.

FCT, Abuja - As President Bola Tinubu works towards achieving his administration's Renewed Hope agenda, the Presidential Compressed Natural Gas Initiative (PCNGi) on Wednesday, October 9, 2024, urged Nigerians to patronise its alternative fuel source.

According to the PCNGi, compressed natural gas (CNG) "is safer, cleaner, and costs less".

The Bola Tinubu administration had urged Nigerians to embrace the usage of compressed natural gas (CNG). Photos credit: NNPC
Source: Facebook

PCNGi wrote on its verified X (formerly Twitter) handle:

Legit.ng reports that Nigerian authorities said the PCNGi is a component of the palliative intervention of the President Tinubu administration "directed at providing succor to the masses occasioned by the transitive hardships of the fuel subsidy removal policy of the FG."

Worrisome fuel price hikes under Tinubu

The PCNGi's fresh message comes as Nigerians groan due to the latest fuel price hike.

Legit.ng reports that before President Tinubu took over office on May 29, 2023, fuel was sold at N198 per litre. Outlets of the Nigerian National Petroleum Corporation Limited (NNPCL) which now have different prices, depending on the location, also sold at the old rate.

However, in his inaugural address at Eagle Square, Abuja, Tinubu asserted that “subsidy is gone”, resulting in an instant increase in fuel price from N198 to N540 at NNPCL outlets.

According to the president, fuel subsidy had become a clog in the wheel of progress and needed to give way for the country to survive.

Since then, fuel pump price has increased periodically.

On Wednesday, October 9, 2024, the NNPCL raised its pump price of petrol in Abuja by 14.8 per cent to N1,030 per litre from N897. In Lagos, fuel which previously sold for N885 per ltire is currently sold at N998 amid long queues.

The latest price increase makes it the second time the petrol price has been hiked in the past month. The NNPCL had in September increased pump price from N615 per litre to N897.

CFAO unveils CNG-powered bus

Earlier, Legit.ng reported that following the growing agitation for alternative fuel, CFAO Equipment Nigeria introduced a CNG bus.

The company said introducing the 7-metre King Long CNG vehicle is targeted at reducing the financial strain on transporters and commuters while offering an environmentally friendly solution.

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Source: Legit.ng