The Presidential Initiative on Compressed Natural Gas (PiCNG) has dismissed reports claiming that the Federal Government has removed subsidy or increased the price of Compressed Natural Gas (CNG). It described such reports as misleading and false.
PiCNG explained that no directive or policy has been issued by the Federal Government to alter CNG pump prices. “For absolute clarity: while pricing matters fall under the purview of the appropriate regulatory agencies, no directive or policy has been issued by the Federal Government to alter CNG pump prices,” it stated.
The initiative stressed that its mandate, as directed by President Bola Ahmed Tinubu, is to grow the CNG mobility market. It said the goal is to promote CNG as a cheaper, cleaner, and more sustainable alternative to Premium Motor Spirit (PMS) and diesel.
According to PiCNG, progress has already been made through collaboration among government agencies. “So far, through the collaboration and commitment of relevant government agencies, the sector has witnessed monumental enthusiasm and growth,” the statement noted.
The initiative revealed that close to one billion dollars in private sector investment has entered the market. It said this shows confidence in the future of compressed natural gas in Nigeria.
PiCNG clarified that recent pump price adjustments announced by some operators are strictly private-sector decisions. It stressed that they are not the outcome of any government directive or policy.
The agency assured Nigerians that CNG will remain cheaper, cleaner, and more affordable than PMS and diesel. It added that the Federal Government’s focus is to expand CNG adoption nationwide and encourage private sector participation to make the product available and affordable for all.