Latest News on New Fuel Price: IPMAN to Sell Fuel to Nigerians at N100 Per Litre with Introduction of CNG

IPMAN’s Game-Changing Move: Introducing CNG, Fuel Prices Set to Drop to N100 Per Litre

In a promising development for Nigerians grappling with skyrocketing fuel prices, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing to introduce Compressed Natural Gas (CNG) as an alternative automotive fuel. The association aims to sell CNG at a price range of N100 to N110 per litre, providing much-needed relief to consumers and the transportation industry as a whole. This significant step comes as a response to the removal of petrol subsidies, which resulted in an exponential rise in fuel prices across the country.

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Elder Chinedu Okoronkwo, the national president of IPMAN, highlighted that the rollout of CNG is near completion, with IPMAN being 90 percent ready to implement this alternative fuel solution. Okoronkwo emphasized that CNG is not only a viable substitute for petrol but also has the potential to bring down energy costs in Nigeria. The affordability and efficiency of CNG have already gained traction in the country, driving increased adoption of CNG-powered vehicles, generators, and cooking appliances.

By embracing CNG as a primary fuel option, Nigeria can significantly reduce its dependence on imported fuel, leading to improved energy security and a decreased exposure to fuel importation. This move aligns with efforts to diversify the country’s energy mix and explore sustainable alternatives. CNG offers a more environmentally friendly and cost-effective option for consumers, particularly when compared to traditional fuels like diesel and petrol.

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IPMAN’s initiative is expected to have far-reaching benefits beyond reduced fuel prices. The introduction of CNG will create job opportunities, stimulate economic growth, and enhance the overall energy landscape of the country. Okoronkwo stressed the importance of government support in creating the necessary market conditions for the successful implementation of CNG as a mainstream fuel option. IPMAN has already garnered significant interest and support from overseas companies, highlighting the potential for international collaboration and investment in Nigeria’s energy sector.

The benefits of CNG extend beyond the transportation industry. The lower cost of CNG compared to other fuels, such as liquefied petroleum gas (LPG), will have a positive impact on the cost of food production and distribution. With reduced expenses in fueling trucks that transport goods from the hinterlands to urban areas, the cost of food is expected to decrease significantly. This, in turn, will have a positive ripple effect on other businesses, promote economic development, and contribute to food security.

Shuaibu Bello, the director of Gas Analytics and Solutions Limited, described CNG as a game-changer for Nigerians. He emphasized that the affordability of CNG, priced at N110 per litre compared to the current petrol price of N540 or its previous price of N185, offers substantial savings to consumers. Bello emphasized that providing access to such affordable and sustainable fuel options is a critical palliative measure that benefits both the rich and the poor, and promotes inclusive economic growth.

IPMAN’s push for the implementation of the National Gas Expansion Programme (NGEP) through the release of a N250 billion intervention fund from the Central Bank of Nigeria (CBN) underscores the association’s commitment to accelerating the adoption of CNG. This fund would enable vehicle, commercial tricycle, and truck owners to access loans for the acquisition of natural gas conversion kits. Furthermore, IPMAN’s partnership with Gas Analytics & Solutions Limited to install natural gas dispensers at their network of over 30,000 filling stations across Nigeria demonstrates a cost-effective approach that minimizes the need for building new filling stations.

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As Nigeria seeks to overcome challenges such as limited gas transportation infrastructure and the initial costs of conversion to CNG, the introduction of this alternative fuel represents a significant stride towards a sustainable and affordable energy

future. The adoption of CNG as a preferred alternative to petrol not only benefits individual motorists but also contributes to job creation, enhances value creation within the industry, and optimizes Nigeria’s abundant gas resources.

As the demand for CNG continues to grow, it is imperative that the government supports this transition by implementing policies that facilitate the expansion of CNG infrastructure, incentivize local manufacturing of conversion kits and ancillary items, and provide exemptions on levies for imported accessories. With a favorable environment and support from both the government and private sector, the CNG industry has immense potential to thrive in Nigeria, offering long-term benefits for consumers, the economy, and the environment.

Source: Leadership.ng

Centre for the Promotion of Private Enterprise Urges NNPC to Consider Adjusting Petrol Pump Price to Mitigate Rising Costs

CPPE Proposes Socially Sensitive Measures to Cushion Effects of Petrol Subsidy Removal

In the face of escalating petrol prices and its consequential impact on the cost of services and food items, the Centre for the Promotion of Private Enterprise (CPPE) has recommended that the Nigerian National Petroleum Company Limited (NNPCL) adopt direct intervention measures by adjusting its petrol pump price. This proposition aims to alleviate the hardships caused by the removal of petrol subsidies, while also demonstrating the government’s social sensitivity during this transitional phase.

Dr. Muda Yusuf, the CEO of CPPE, has suggested that the NNPCL sell petroleum products at a price that is 10 percent lower than those offered by private sector marketers. By doing so, the government can exhibit its commitment to ensuring fair pricing and providing relief to consumers. This measure holds great symbolic significance, considering the newly established public Limited Liability Company status of the NNPC.

Yusuf emphasized the urgent need to foster competition in the importation and refining of petroleum products to eradicate the existing monopoly structure that hampers fair pricing. Currently, the NNPCL enjoys a monopoly as the sole supplier of petroleum products, which contributes to exploitative pricing of essential commodities such as petrol, diesel, and aviation fuel. Creating a robust and sustainable competition framework will safeguard consumers and promote a healthier market environment.

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Recognizing the adverse impact of the subsidy removal on the transportation industry, Yusuf called on the government to swiftly introduce and implement vital fiscal measures. He proposed waiving import duties, Value Added Tax (VAT), and other port charges on Semi Knocked Down (SKD) parts used for mass transit bus assembly. This move would not only reduce the cost of mass transit buses, but also enhance the utilization of local vehicle assembly plants, thereby bolstering industrial capacity.

The CPPE believes that the government’s commitment to the social outcomes of this reform is essential, particularly when considering the welfare of the general public. While the NNPCL transitions to its new operational structure, it must prioritize consumer interests and take measures to ease the burden caused by petrol price hikes.

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By adopting the CPPE’s recommendations, the Nigerian government can strike a balance between economic reforms and social welfare, ensuring that the removal of petrol subsidies does not lead to excessive financial strain on the populace. These proposed measures reflect the urgent need for responsive policies that protect consumers, foster competition, and stimulate industrial growth.

Source: Leadership.ng

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