President Bola Tinubu has taken action to address the rising petrol prices in Nigeria. He has directed the deployment of 100,000 Compressed Natural Gas (CNG) conversion kits across the country to help reduce the cost of transportation. This move is aimed at cushioning the impact of the rising fuel prices triggered by tensions in the Middle East.
The government is also working to establish a nationwide network of refueling stations and charging facilities to support the transition to gas-powered and electric vehicles. The Presidential Initiative on Compressed Natural Gas (Pi-CNG) is accelerating the construction of gas refueling stations and electric vehicle charging infrastructure, with priority given to the northern transportation corridor.
The petrol price hike is attributed to various factors, including the global oil price surge, the Middle East conflict, and the 5% surcharge on fossil fuels introduced by the Nigeria Tax Administration Act. The surcharge is expected to increase the petrol price by ₦45 per litre, exacerbating the hardship faced by Nigerians.
Tinubu’s action is seen as a response to the public outcry over the rising fuel prices, which has led to increased transportation costs and inflation. The government is urging citizens to consider alternative energy sources, such as CNG, to reduce their dependence on petrol.
