See more as Tinubu launches CNG at N230 per litre to ease new petrol price at filling stations

• President Bola Tinubu has launched CNG at N230 per litre to offer a more affordable alternative to petrol and diesel
• The presidential committee also said that it will distribute one million free CNG conversion kits for commercial vehicles over the next 18 months
• The initiative the president believes will support a transition to CNG through authorised centres across Nigeria

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Presidential Compressed Natural Gas Initiative (PCNGi) has launched Compressed Natural Gas (CNG) for vehicles at N230 per litre.

This initiative is designed to provide Nigerians with a more affordable and sustainable alternative to petrol and diesel.

Tinubu promotes use of CNG Photo credit: Krisztian Bocsi
Source: Getty Images

The announcement, detailed in a statement provided to BusinessDay on Tuesday, September 10 and signed by Michael Oluwagbemi PCNGi, highlights President Tinubu’s dedication to reducing the cost of living, particularly in light of the recent removal of fuel subsidy.

The statement Oluwagbemi reads:

“The PCNGi promises to deliver significant economic relief, especially to those reliant on transportation for their livelihoods"

He further revealed that President Tinubu has directed the distribution of one million free CNG conversion kits for commercial vehicles nationwide as part of this transformative initiative.

It added:

The rollout of these kits, which will include free installation, is set to occur over the next 18 months, facilitating an easy transition for commercial transport operators to switch to CNG. The first phase of the PCNGi will commence this week with the distribution of 10,000 free conversion kits.“These kits will be available through key national transport associations, including the National Union of Road Transport Workers (NURTW), Moove, UBER, and the Kaduna State Transport Authority (KSTA)."

The plans for CNG

By 2025, the Nigerian government plans to distribute one million conversion kits, positioning the country’s commercial transport sector to reduce its dependence on expensive petrol and diesel.

Oluwagbemi concluded:

“For more information on conversion centers and to access the list of active centers, Nigerians are encouraged to visit the official PCNGi websites. "This initiative is a crucial element of President Tinubu’s broader vision for a resilient and economically robust Nigeria, providing practical solutions to soaring fuel prices while advancing sustainable energy alternatives."

Dangote sends message on petrol pricing from refinery

Earlier, Legit.ng reported that Aliko Dangote has sent a message to Nigerians regarding petrol pricing from his refinery.

The refinery, which recently began production, has been praised as a game-changer, and Femi Otedola has also expressed excitement.

Petrol from the refinery is expected to be available to Nigerians in a few days as NNPC and Dangote complete formalities.

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Source: Legit.ng