BUSINESS NEWS: Jubilation As Petrol Marketers Reveal Date To Roll Out Cheap Fuel At N100

By The Evangelist News Edition, Saturday June 24, 2023.

Following the removal of petrol subsidy by President Bola Ahmed Tinubu and the attendant hardship on Nigerians as a result of the over 300% hike in pump price of premium motor Spirit PMS at Filling Stations across the country, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it is ready to roll out cheap alternative fuel for Nigerians, IgbereTV has learned.

According to LegitNG, the association’s chairman, Chinedu Okoronkow, said the body would start to roll out Compressed Natural Gas 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.

Nigerians already using LPG to power generators

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.

“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.

We had 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.

Mele Kyari, the Chief Executive Officer of the Nigerian National Petroleum Company Limited, revealed this after a meeting with Tunubu on Wednesday, June 14, 2023.

Kyari stated that the plans would roll out soon and that the structural plan was part of the palliative measures for Nigerians.