The Presidential Compressed Natural Gas Initiative (P-CNGI) on Thursday stated that the recent increase in CNG pump prices from N230 per Standard Cubic Metre (SCM) was the result of decisions by private operators, and not a directive from the Federal Government.
The Brands and Corporate Communications Manager at PCNGI, Matilda Johnson, described the milling rumour that the government had removed subsidies or ordered price increases as misleading and false, adding that CNG remains cheaper, cleaner, and more sustainable than Premium Motor Spirit (PMS) and diesel.
The spokesperson stated: The Presidential Initiative on Compressed Natural Gas (P-CNGI) says no directive or policy has been issued by the Federal Government to alter CNG pump prices nationwide”
The P-CNGI emphasised that the recent pump price adjustments announced by certain operators were purely private-sector decisions and not the outcome of any government directive or policy.
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According to her, downstream pricing regime falls under the jurisdiction of regulatory agencies, but the government’s role is to ensure CNG adoption as an affordable alternative fuel.
Johnson hinted that the sector had attracted nearly $1 billion in private investment so far, reflecting growing investor confidence in the potential of the CNG market.
She restated the P-CNGI’s commitment to deepening CNG penetration nationwide and encouraging wider private sector participation to make the fuel accessible and affordable.
It would be recalled that some private marketers recently adjusted the CNG pump price to N380 per SCM, up from the previous N230 per SCM.
