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That makes two image format names which I will refuse to pronounce correctly (the other being GIF [1]).

The only logic I ever hear for using a hard G is because that's how Graphics is said. Yet I never hear people saying jay-feg.

Also "gift".

As with all other pronunciations the real reason is because it sounds better (more correct) to most people.

How do you pronounce PNG?

Pee En Gee

P&G, stands for Pee & Gloat.

Portable & Graphical

"Pong". Hate me, I don't care.

I used to call them Nogs claiming the P was silent.

People believed me. Still funny.