Presidential Initiative on Compressed Natural Gas (PiCNG) has shattered rumors that the federal government sanctioned the recent hike in compressed natural gas (CNG) pump price, assuring Nigerians that no directive was given to alter prices.
This follows widespread rumors after some operators increased CNG prices from ₦230 to ₦380 per standard cubic metre (SCM) for commercial vehicles and ₦450/SCM for trucks and private consumers.
In a statement on Thursday, PiCNG Brands and Corporate Communications Manager Matilda Johnson emphasized that the adjustments were “purely private-sector decisions” and not the result of any government policy.
“For crystal clearness: even matters of prices are within the jurisdiction of regulatory bodies, no policy or directive has been issued by the federal government to adjust CNG pump prices,” Johnson clarified.
She disclosed that PiCNG’s mandate, set by President Bola Tinubu, is to lead the growth of the CNG mobility sector by promoting cleaner, more economical, and greener alternatives to petrol and diesel.
The sector has already witnessed nearly $1 billion of private investment, a demonstration of investor faith in its prospects, according to reports.
Assuring Nigerians, PiCNG ensured that CNG would remain “significantly cheaper, cleaner, and more affordable than PMS and diesel,” further going on to declare that the government’s priority is widening countrywide acceptance as well as availability through increased private sector participation.
