Latest News On Petrol Marketers Planning To Make Fuel Price At N100 Per Litre

Independent Petroleum Marketers Association of Nigeria (IPMAN) Set to Introduce Affordable CNG Fuel at N100 per Litre

In a bid to provide relief to motorists and transport operators in Nigeria following the removal of petrol subsidy, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced its readiness to roll out Compressed Natural Gas (CNG) as an alternative fuel. Chinedu Okoronkwo, the national president of IPMAN, revealed that the association is 90% prepared to introduce CNG, which will be sold at a price range of N100 to N110 per litre before the end of June.

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The introduction of CNG as an alternative to petrol is expected to significantly reduce Nigeria’s energy consumption costs. In an interview with Channels Television, Okoronkwo emphasized that CNG would play a vital role in curbing the country’s energy expenses. The IPMAN chairman further expressed that CNG has the potential to revolutionize Nigeria’s energy sector, stating, “We are 90% close to that, which will also unveil many possibilities.”

According to reports, the removal of petrol subsidies has delayed the development of additional energy alternatives in Nigeria. However, IPMAN’s efforts to introduce CNG have already brought relief to numerous families. The utilization of CNG as a source of energy for vehicles, generators, and cooking purposes has gained popularity due to its efficiency and affordability when compared to conventional petrol and diesel.

IPMAN aims to create a market for CNG and believes that its implementation will not only provide relief to Nigerians but also generate employment opportunities. The association has received significant support from international companies, further reinforcing its plans to introduce CNG as an alternative fuel. Notably, Nigerians have already begun using liquefied petroleum gas (LPG) to power their generators, with LPG priced at approximately N700 per kg. In contrast, CNG is expected to be available at a significantly lower cost, ranging between N100 and N110 per litre.

The impact of CNG adoption is expected to extend beyond reduced fuel costs. Okoronkwo highlighted that the introduction of CNG will lower the expenses associated with transporting food from the hinterlands to urban centers. For instance, transporting goods from Kano to cities currently costs around N1.2 million in diesel fuel expenses, whereas with CNG, the cost is estimated to be between N150,000 and N200,000. This substantial reduction in costs will ultimately lead to cheaper food prices and the growth of various businesses.

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Furthermore, CNG is anticipated to benefit processing zones, particularly agro-based industries, where the affordability of gas will drive significant impacts. It is important to note that CNG does not replace petrol; instead, it provides consumers with an alternative choice that is more budget-friendly. The introduction of CNG is poised to be a game-changer for Nigerians, serving as an effective palliative measure that offers long-term financial relief rather than temporary financial assistance.

As IPMAN prepares to roll out CNG, motorists and transport operators in Nigeria eagerly await the availability of this affordable fuel. The association’s commitment to providing relief to Nigerians and reducing the country’s reliance on imported fuels is a significant step towards achieving a more sustainable and cost-effective energy landscape.

Source: Legit.ng

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