CNG Prices to Remain Cheaper Than Petrol, LPG Despite Global Oil Market Tensions — Pi-CNG

By Ladan Nasidi,Kano

The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has assured Nigerians that Compressed Natural Gas (CNG) is expected to remain cheaper than petrol and Liquefied Petroleum Gas (LPG), despite rising global energy prices.

The initiative’s Chief Operating Officer, Mr Tosin Coker, gave the assurance during an interview with journalists at the end of the Decade of Gas and Pi-CNG & EV Media Parley held in Kano on Thursday.

Coker attributed the expected price stability of CNG to Nigeria’s abundant natural gas reserves, noting that the country has greater control over the fuel’s domestic supply and pricing than petrol, which is largely affected by international market forces.

He explained that geopolitical tensions and conflicts, particularly in the Middle East, could trigger further increases in the prices of petrol and LPG in the global market.

According to him, the recent crisis involving Iran has contributed to rising fuel prices, while LPG prices have also increased due to their close links with international petroleum market trends.

Coker, however, said CNG was less exposed to these pressures because it is produced from natural gas, which Nigeria has in abundance.

He expressed optimism that CNG prices could decline further in the coming years as adoption expands and more filling stations and suppliers enter the market.

The Pi-CNG & EV official urged Nigerians not to assume that CNG prices would rise in line with petrol and LPG, stressing that increased competition in the sector could help keep the fuel affordable.

He reaffirmed the initiative’s commitment to expanding access to CNG and electric vehicles as part of efforts to promote cleaner, more affordable and sustainable energy alternatives in Nigeria.

The initiative’s push for wider CNG and electric vehicle adoption is aimed at providing Nigerians with alternative energy options amid fluctuations in conventional fuel prices.