The Federal Government has dismissed reports that it has increased the prices of Compressed Natural Gas (CNG), saying the recent increases were from private investors.
A statement signed by the Brands and Corporate Communications Manager, Presidential Compressed Natural Gas Initiative (PCNGI), Matilda Johnson, and made available to Tribune Online on Thursday in Abuja, said the mandate of the Initiative, 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 added that through the collaboration and commitment of relevant government agencies, the sector has witnessed monumental growth, attracting close to one billion dollars in private sector investment, which underscores confidence in the market’s potential.
“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,” the statement read.
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