Experts Speak on High Cost of Fuel as Nigerians Rush to Convert Their Vehicles for Free
- The logistical component of the pump price has been blamed for the high price of PMS in the country
- Cleanergy Innovation Ltd’s executive vice chairman said that the country has limited capacity for refineries
- He underlined the importance of diversifying energy sources and endorsing President Bola Tinubu's CNG initiative
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Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
The high cost of premium motor spirit (PMS) in the nation has been attributed to the logistics portion of the pump price, particularly the absence of pipelines.
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In her remarks in Abuja, Shettima Imam, executive vice chairman of Cleanergy Innovation Ltd (CIL), emphasized that Nigeria's refinery capacity is restricted.
According to a The Guardian report, he added that even though the nation has an abundance of gas and uses less than 3% of it domestically, it imports most of its PMS.
“So CNG coming in will bring a cheaper, cleaner alternative to PMS which will bring down the cost and create more job opportunities and so many other advantages for Nigeria and Nigerian populace”
He stated that major investments in gas infrastructure will be undertaken by the Nigerian National Petroleum Company Limited and CIL, a company that provides comprehensive, custom-built compressed natural gas (CNG) solutions for the country's autogas and power production segments.
Nigeria's search for affordable, durable, locally sourced, and environmentally friendly fuel sources has advanced significantly, according to IMam, despite the fact that his company has previously opened six CNG filling stations in Abuja.
Imam emphasized that in order to support President Bola Tinubu's CNG plan and diversify energy options, it is imperative that the new facilities be built in a way that adheres to international best practices and guarantees all consumers receive safe, dependable, and effective service.
“It is incremental, we have done six and we are supposed to do some in Lagos. We have invested our resources into this,” Imam added.
Free Conversion of Petrol Vehicles to CNG
Legit.ng reported that additional Nigerians are hurrying to switch from gasoline and diesel to compressed natural gas (CNG) for their cars.
For commercial cars, the federal government has established multiple centers across the country and made the service free and subsidized.
Legit.ng is aware of the growing demand from car owners at conversion centers across the country.
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Source: Legit.ng
