The Presidential Initiative on Compressed Natural Gas (PiCNG) has denied reports suggesting that the federal government removed subsidies and approved a price increase for compressed natural gas (CNG) from ₦230 to ₦450 per standard cubic metre.
In a statement on Thursday, PiCNG clarified that price regulation falls under designated agencies and that no directive has been issued by the government to alter official CNG pump prices. It stressed that any recent adjustments announced by operators were private-sector decisions.
“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 catalyse 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.
The initiative noted that nearly $1 billion in private investments has flowed into the sector, demonstrating investor confidence in Nigeria’s CNG market. It assured Nigerians that CNG will continue to be a cheaper and cleaner alternative to petrol 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.
