Hike In CNG Prices Purely Private Operator’s Decisions And Not FG Directive Or Policy – PCNGI

Hike in CNG prices purely private operator’s decisions and not the outcome of FG directive or policy – PCNGI

With the recent increase in CNG prices, heavy-duty trucks now pay N450/SCM while commercial drivers pay N380/SCM.

These increase translates to 40% (N130 per SCM) for heavy-duty trucks and 65% (N150 per SCM) for commercial vehicles.

The Federal Government has said it did not increase the price of Compressed Natural Gas (CNG), which recently rose from N230 to N450 per one standard cubic meter (SCM) across filling stations in the country.

This was made known in a press release on Thursday by the Presidential Compressed Natural Gas Initiative’s Brands and Corporate Communications Manager, Matilda Johnson.

Matilda explained that the recent pump price adjustments was announced by certain operators, noting it was purely private-sector decisions and not the outcome of any government directive or policy.

The statement reads in part :

“The Presidential Initiative on Compressed Natural Gas (PiCNG) wishes to address recent misleading and outright false reports suggesting that the Federal Government has removed subsidy or increased the price of Compressed Natural Gas (CNG). This is incorrect.

“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.”

“So far, through the collaboration and commitment of relevant government agencies, the sector has witnessed monumental enthusiasm and growth.

“Encouragingly, this progress has already attracted 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.”

With the recent increase in CNG across filling stations, heavy-duty  trucks now pay N450/SCM while car and commercial drivers pay N380/SCM. These increase translates to 40 percent (N130 per SCM) for heavy-duty trucks and 65 percent (N150 per SCM) for commercial vehicles.

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