Nigeria’s transport industry will soon feel relief after the federal government’s removal of petrol subsidies caused an exponential rise in the price of the product throughout the country.
Elder Chinedu Okoronkwo, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that the Association is 90% ready to roll out Compressed Natural Gas (CNG) as an alternative automotive fuel, which it plans to sell for N100 to N110 per liter by the end of June.
Okoronkwo, who confirmed this on Channels Television’s Business Morning on Monday, emphasized that CNG has evolved into a viable alternative to petrol.
Okoronkwo explained that CNG would help bring down the cost of energy in the country, adding, “Very soon, we will roll out. We are 90 percent close to that, and that will also unveil many possibilities.”
He noted that fuel subsidy removal had reduced the speed with which Nigeria could have gotten another energy mix
“IPMAN has brought relief to a lot of families. We have got the usage of our natural energy, CNG, to power vehicles, generators, and even cooking, the IPMAN president said.
CNG is expected to reduce the country’s reliance on fuel imports significantly because natural gas will not be imported.
Okoronkwo stated that CNG-powered cars have begun to gain traction in the country as a result of increased awareness about their efficiency and affordability when compared to traditional fuels such as diesel and petrol.
If the government buys into what we are saying, it will act as an assistance, bring relief, and create job opportunities.
What we need the government to do is create the market. The demand is there, the IPMAN president said.