LNG: FG gave a new order to gas stations to start selling fuel at a price of 200 nars.

• The federal government has ordered all gas station owners across the country to begin installing gas pumps.
• The Tinubu government believes that this directive will give Nigerians greater access to refuel their vehicles for as little as N200.
• CBN fuel is considered a cheaper alternative to Premium Motor Spirit, also known as gasoline.

legit.ng journalist Dave Ibemer has more than a decade of business journalism experience and an in-depth knowledge of the Nigerian economy, stocks and general market trends.

The Nigerian government has ordered all petroleum marketers to begin installing compressed natural gas (CNG) pumps at their filling stations across the country.

The directive aims to increase access to CNG as an alternative fuel source for Nigerians.

The directive was issued by Farooq Ahmed, Chief Executive Officer of the Nigeria Petroleum Regulatory Authority (NMDPRA), said at the 2024 OTL Africa Downstream Energy Week in Nigeria’s commercial capital.

According to NMDPRA, the new mandate will result in a majority of retail outlets installing CNG superchargers, allowing them to cater to the expanding fleet of CNG vehicles in the country. BusinessDay reports this.

He said:

“Most retail outlets will need to install additional CNG equipment to service the growing number of CNG vehicles across the country.”

Ahmed also highlighted that NMDPRA is actively working with stakeholders to increase the availability of CNG in line with the government’s broader energy transition agenda.

Tinubu government insists on switching to CNG

Vanguard reports that the Tinubu-led administration is pushing for Nigerians to switch to CNG in a bid to reduce dependence on petrol and reduce fuel import costs.

President Bola Tinubu recently urged Nigerian motorists to buy either petrol at N1,000 or compressed natural gas (CNG) at N200.

Speaking about NIPCO’s efforts, he said CNG, being a cleaner and more affordable fuel, reduces carbon emissions and saves consumers significant fuel costs.

Tinubu said:

“Nigerian motorists can buy petrol at N1,000 per liter or equivalent gas per standard cubic meter at N200.

“We have also introduced incentives for commercial motorists to switch from petrol to LPG ‘free of charge’.

CNG: FG opens portal for vehicle conversion

Previously, legit.ng has revealed that the Federal Government has launched an application portal for Nigerians to convert their vehicles from petrol to CNG.

The National Guidance Agency in a statement titled “Payment Plan to Facilitate CNG Transition” announced that Nigerians can apply through a portal to convert their vehicles to CNG and spread the payments in monthly installments.

The statement notes that flexible payment options are available and applicants are guaranteed support throughout the process with the chance of quick approval.

Source: Legit.ng