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- President Bola Tinubu has asked Nigerian drivers to choose between purchasing petrol at N1,000 per litre or CNG at N200
- The President disclosed this during a meeting with NIPCO executives in Abuja on Tuesday, October 23, 2024
- This is as independent petroleum marketers imported about 123 million litres of petrol to ease supplies nationwide
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
President Bola Tinubu says Nigerian drivers and vehicle owners now have a choice to either pay N1,000 per litre for regular petrol or use a cheaper alternative, compressed natural gas (CNG), which sells at N200 per Standard Cubic Metre
The President disclosed this during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO), including its director, Ramesh Kasangra, on Tuesday, October 22, 2024.
Source: Getty Images
Tinubu places alternatives before Nigerians
Bayo Onanuga, special adviser to the President on information and strategy, disclosed in a statement.
According to the statement, Nigerian motorists can buy petrol at N1,000 per litre or CNG at N200, saying that the government also introduced incentives for commercial vehicles to convert from petrol to gas.
The President reportedly commended NIPCO’s role as a key player in boosting the adoption of CNG as an alternative fuel, stating that such investments align with his government’s energy security and economic diversification strategy.
Tinubu emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.
Tinubu launches CNG at N230
The development comes as President Tinubu pegged CNG prices at N230 per litre, stating that is the future for Nigerians as the Nigerian government removes subsidies from petroleum products.
The Nigerian government has been touting CNG as a cheaper and cleaner alternative to petrol by launching free conversion centres across the country.
Legit.ng reported that oil marketers recently imported Premium Motor Spirit (PMS), popularly called petrol, as they continue negotiations with the Dangote Refinery.
Vessels arrive with PMS
About four vessels carrying imported petrol arrived at Nigeria’s seaports on Friday. October 18, 2024, and Sunday, October 20, 2024.
A Nigerian Ports Authority (NPA) document on Sunday, October 20, 2024, shows that about 123.4 million litres of PMS arrived at two seaports to improve fuel supply nationwide.
Marketers plan to supplement Dangote petrol
Legit.ng had earlier reported that marketers intend to import petrol to augment the supply from the Dangote Refinery.
The dealers disclosed that the refinery supply was insufficient to meet local demands.
The document's breakdown shows that the products landed at the Apapa port in Lagos and the Calabar port in Cross River State.
NNPC crashes Dangote petrol price
Legit.ng previously reported that many oil marketers have begun purchasing products from the national oil firm, confirming NNPC that independent marketers cannot yet afford Dangote petrol due to its high cost.
Findings show that 11Plc, TotalEnergies, AA Rano, and other independent marketers have begun lifting Dangote petrol via the Nigerian National Petroleum Company (NNPC) Trading Limited to retail outlets nationwide at N765.99 per litre.
According to reports, some petroleum marketers who completed payments on the NNPC trading portal began lifting petrol earlier this week, according to the existing agreement between marketers and the refinery.
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Source: Legit.ng
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