The Federal government through the Presidential Initiative on Compressed Natural Gas (PiCNG) has refuted report of subsidy removal and increased price of Compressed Natural Gas (CNG).
This follows the recent news story that suggested that the price increased from N230 to N450 per standard cubic metre.
The PiCNG in a statement issued to Journalists on Thursday, stated that 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.
The organization noted that the recent pump price adjustments announced by certain operators are purely private-sector decisions and not the outcome of any government directive or policy.
“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.
“The mandate of PiCNG, as directed by President Bola Ahmed Tinubu, is to catalyze the development of the CNG mobility market and ensure the adoption of a cheaper, cleaner, and more sustainable alternative to Premium Motor Spirit (PMS) and diesel across the country,” the statement read.
It also stated that through the collaboration and commitment of relevant government agencies, the sector has witnessed monumental enthusiasm and growth, attracting close to one billion dollars in private sector investment, underscoring confidence in the market’s potential.
The Federal Government assures Nigerians that CNG will always remain significantly cheaper, cleaner, and more affordable than PMS and diesel.
“Our focus remains on deepening CNG penetration nationwide and encouraging broader private sector participation to ensure availability and affordability for all,” it added.
