We’re 90% Ready: Petrol Marketers Set To Roll Out Cheap Fuel At N100
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said it is ready to roll out cheap alternative fuel for Nigerians.
This is coming just weeks after the removal of fuel subsidy by President Bola Tinubu and the attendant hardship on Nigerians, as a result of the over 300% hike in pump price of Premium Motor Spirit, PMS, popularly known as petrol, at filling stations across the country.
According to LegitNG, the Association’s Chairman, Chinedu Okoronkow, said the body would start to roll out Compressed Natural Gas, CNG, at N100 per litre in the coming days before the end of June.
He added that the association had gotten a lot of buy-in from companies overseas.
He revealed that Nigerians are already using liquefied petroleum gas to power their generators, stating that the LPG is about N700 per kg, but CNG will be under N100 to N110 per litre.
He said: “When you check what the impact will be, it will reduce the cost of food because people coming from the hinterlands bring food to the cities. From Kano, it takes them about N1.2 million to fuel trucks with diesel, but with this CNG, it will cost them about N150,000 to N200,000. About a million naira is saved, which will translate to cheaper food and open up a lot of other businesses.
“It will provide cheaper energy to drive the processing zones like the agro-based industries, where the gas will also create a lot of impacts.
“CNG does not replace PMS, but it is a choice. We are talking of something that will help your purse and not deepen it.”
“CNG would be a game changer for Nigerians as it will be the best palliative instead of sharing money”.
It was earlier reported that President Bola Tinubu has started putting structural measures in place to make cheap fuel available through compressed natural gas, CNG, and liquified natural gas, LPG, to stem the effects of the subsidy removal.
Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari had revealed this after a meeting with President Tinubu on Wednesday, 14th June 2023.
Kyari said the plans would roll out soon and that the structural plan was part of the palliative measures for Nigerians.