The use of Compressed Natural Gas in automobiles, when fully deployed, is going to be over 400 per cent cheaper than Premium Motor Spirit, popularly called petrol, oil marketers stated on Wednesday.
Petrol subsidy was removed in less than two days after President Bola Tinubu declared during his inaugural address on May 29, 2023 that the payment of subsidy on PMS had gone.
The pump price of petrol spiked from N198/litre to an average of over N540/litre across the country, a development that also led to an increase in the cost of goods and services nationwide.
Since then, oil marketers have been making efforts to provide an alternative to petrol, as they told our correspondent that the switch from PMS to CNG would help in addressing the high cost currently being spent by Nigerians on fuel. “What we are saying is that by the time CNG is deployed, it will take off at least 400 per cent of what we are paying for fuel now,” the National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated.
