FG Assures Nigerians of Stable, Affordable CNG Prices

The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has allayed fears of a possible increase in the price of Compressed Natural Gas (CNG), saying the fuel is expected to remain cheaper than petrol and Liquefied Petroleum Gas (LPG).

The Chief Operating Officer of the initiative, Mr Tosin Coker, gave the assurance in an interview with Journalists at the end of the Decade of Gas and Pi-CNG & EV Media Parley held in Kano on Thursday.

Coker said Nigeria had abundant natural gas resources and greater control over domestic CNG pricing, unlike petrol, whose prices are largely influenced by international market forces.

He explained that geopolitical tensions and conflicts, particularly the crisis in the Middle East, could trigger increases in the prices of petrol and LPG in the global market.

According to him, the recent crisis involving Iran has contributed to rising fuel prices, while LPG prices have also increased because of their relationship with international petroleum market trends.

Coker said CNG was different because it was produced from natural gas, which Nigeria had in abundance, giving the country greater control over its supply and pricing.

He expressed optimism that CNG prices could decline further in the coming years as adoption expanded and more filling stations and suppliers entered the market.

The Pi-CNG & EV official urged Nigerians not to fear that CNG prices would rise in line with petrol and LPG, adding that increased competition would help sustain affordability.

He said the initiative remained committed to expanding access to CNG and electric vehicles as part of efforts to promote cleaner and more affordable energy alternatives in the country.