Nigerians may be faced with no choice than to key enmass, into the Compressed Natural Gas (CNG), to mitigate the effect of the ever rising price of Premium Motor Spirit (PMS), in the country.
ACJ independent investigation reveales that the price gap between the CNG and PMS stands at ratio 3 to 10, signposting a greater yield for motorists on the former.
CNG is a fuel gas mainly composed of methane (CH4), compressed to less that 1% of the volume it occupies at standard atmosphere pressure.
It is used in traditional petrol/internal combustion engine vehicles that have been modified or in vehicles specifically manufactured for CNG use.
President Bola Tinubu had in August 2023 set up the Presidential Compressed Natural Gas Initiative (PCNGI), headed by Engr Michael Oluwagbemi, to combat the seemingly intractable, skyrocketing price of petroleum products in Nigeria
The idea was to provide a cheaper alternative to the PMS, with a view to lessen the burden of Nigerians in tracking the lingering economic hardships
Oluwagbemi, the PCNGI Project Director and Chief Executive, has been traversing the nooks and crannies of the country to spread the good message as well as providing succor for Nigerians willing to change their vehicles from petrol to CNG.
In Ado, the capital city of Ekiti State, where the CNG personnel, led by the boss, Oluwagbemi visited to distribute some CNG busses as well as crate awareness on the gains of the initiative, some residents who have already done the conversion on their vehicles said the gains of conversion is enormous.
Adelana Adeyanju, a transporter plying Ado Ekiti to Lagos, said it has been an era of ease since he converted to the CNG.
“it is now business is having human face and hope emerging that we can remain in business. Ado Ekiti to Lagos that used to gulp about N60-70 thousand naira can now be made with CNG of less than N15, 000.
Asked whether the reduction in energy price is reflecting on commuters’ fare, Adeyanju said though he is now collecting N6, 500 as against the pegged N9, 000 by non CNG users, he could still reduce further and still break even.
“in pegging my fare, I need to consider the non CNG users and then arrive at a middle price so we do not shut the door of business against those still using petrol.”
Money to convert from petrol to CNG is attributed to non compliance of many of the commercial transporters.
Meanwhile PCNGI’s Oluwagbemi said conversion is being simplified to the extent that those willing to embrace the change can pay installmentally.
The Nigerian National Petroleum Company Limited (NNPC Ltd) had Wednesday further raised the pump price to N1,030 per litre at various outlets in Abuja
This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
