In a recent development, the Nigerian National Petroleum Company (NNPC) Limited has raised the pump price of petrol once more. This increase was observed on Tuesday at various NNPC filling stations across the country.
Just three weeks prior, NNPC had already hiked fuel prices, bringing the cost to approximately N1,030 per litre in Abuja and N998 in Lagos. The latest increment will now see prices rise to N1,060 in Abuja and N1,025 in Lagos, while other regions have been reported to sell fuel for over N1,250 at NNPC stations.
This latest price increase comes shortly after President Bola Tinubu asserted that his administration had devised effective solutions to address fuel price hikes. He claimed that motorists could purchase petrol at N1,000 per litre or gas at N200 per Standard Cubic Meter.
A statement from Bayo Onanuga, Special Adviser to the President (Information & Strategy), emphasized President Tinubu’s belief that investments in Compressed Natural Gas (CNG) would alleviate the burden of rising fuel prices for Nigerians. The President expressed gratitude to the Nigerian Independent Petroleum Company (NIPCO) Plc for its swift investment in energy transition initiatives, which he believes align with his administration’s goals of energy security and economic diversification.
The statement highlighted the importance of public-private partnerships in transitioning to cleaner and more affordable energy solutions. It praised NIPCO’s efforts in promoting the “Switch to CNG” campaign, which aims to raise public awareness and provide affordable CNG conversion kits even before the official launch of the Presidential CNG Initiative.
President Tinubu underscored the significance of this initiative in reducing the nation’s dependency on petrol and lowering fuel costs for consumers. He noted that CNG, as a cleaner and more affordable alternative, would not only decrease the carbon footprint but also lead to substantial savings for consumers.
