Prices to Fall as NNPC Plans 12 More Filling Stations to Sell N230 Fuel
- The Nigerian National Petroleum Company Limited (NNPC) said it plans to build 12 mother CNG and mini-LGP stations nationwide
- The company said it aims to deepen the adoption of CNG as an alternative to petrol following subsidy removal
- NNPC’s group CEO, Mele Kyari, said the company is committed to tackling energy challenges in Nigeria
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian National Petroleum Company Limited plans to build 12 national gas (CNG) mother stations and mini-liquified natural gas plants nationwide.
The NNPC group CEO, Mele Kyari, announced this at the opening of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual Conference and Exhibition in Lagos on Monday, November 11, 2024.
Source: Getty Images
NNPC moves to promote cleaner energy
The NNPC boss stressed that the company is committed to tackling energy challenges in Nigeria and balancing energy security, sustainable growth, and affordability.
Kyari described the projects as a cornerstone of NNPC’s vision for Nigeria’s energy future, saying that upcoming CNG and LNG schemes are expected to enhance the existing 1.6 billion standard cubic feet of gas currently supplied into the local market.
According to him, energy challenges are a significant responsibility of the NNPC, the custodian of Nigeria’s energy future.
NNPC to expand Nigeria’s gas infrastructure
BusinessDay reports that Kyari disclosed that in addition to building the new CNG and LNG facilities, the state oil firm is expanding critical gas infrastructure, including the Obiafu-Obrikom-Oben (OB3) gas pipeline.
He also disclosed that the NNPC is exploring innovative partnerships with private refineries and implementing naira-for-crude sales.
He stated the measures are meant to stabilise the naira, reduce Nigeria’s reliance on foreign exchange, and boost the affordable supply of petroleum products.
The CNG and LNG stations will contribute to the goals by providing an alternative energy source and easing Nigeria’s reliance on imported fuels.
Tinubu pegs CNG at N230
The projects, expected to be completed in three to six months, are part of the national oil company’s ongoing efforts to expand its energy offerings and offer cleaner fuel options.
The Nigerian government is championing alternative energy sources besides petrol after removing subsidies.
Recently, President Bola Tinubu inaugurated CNG, pegged its price at N230, and established the Presidential Initiative on CNG (Pi-CNG) to provide access to the product.
Fuel prices to change as petrol landing costs drop
Legit.ng earlier reported that the landing cost of Premium Motor Spirit, also known as petrol, had fallen by 20.34% to N971,57 litres over the past three months.
The decline in landing costs, which shows the price of importing and distributing the product, shows some relief regarding global market fluctuations and supply chain factors.
Despite this reduction, the retail price of the commodity rose by N443 or 71.79% from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
