In a significant move aimed at easing the financial burden on Nigerians due to soaring fuel prices, President Bola Tinubu has officially launched the Compressed Natural Gas (CNG) initiative, making CNG available at an unprecedented price of ₦230 per liter. This initiative is a direct response to the recent surge in petrol prices, which have skyrocketed to over ₦900 per liter in many areas.
The launch of the CNG initiative, announced today, is part of President Tinubu’s broader strategy to diversify Nigeria's energy sources and provide affordable fuel alternatives for the transportation sector. The initiative comes at a critical time as the removal of fuel subsidies has led to widespread economic strain, affecting the cost of living and transportation across the nation.
CNG will be sold at ₦230 per liter, significantly lower than the current petrol prices, providing immediate relief to consumers and transport operators.
To facilitate the transition to CNG, the government will distribute one million free CNG conversion kits for commercial vehicles over the next 18 months. The first phase will kick off this week with the distribution of 10,000 kits through national transport associations.
The conversion process will be supported by NIPCO Gas, which has established a network of authorized conversion centers across Nigeria to ensure a smooth transition for vehicle owners.
CNG is not only a cost-effective alternative but also a cleaner fuel option, aligning with the government’s commitment to sustainable energy practices.
President Tinubu emphasized that this initiative is designed to alleviate the economic pressures faced by Nigerians, particularly those in the transport sector. "We understand the challenges our citizens are facing due to rising fuel costs. This initiative is a step towards providing a sustainable and affordable energy solution that will benefit all Nigerians," he stated.
The government aims to ensure that the CNG initiative not only provides immediate economic relief but also supports the long-term goal of reducing the nation’s reliance on imported fuels. By promoting the use of CNG, the administration seeks to stabilize fuel prices and enhance the overall economic landscape of Nigeria.