The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the federal government to provide financial support to transform filling stations into refuelling points for Compressed Natural Gas (CNG)....CLICK HERE TO READ THE FULL ARTICLE➤
Legit.ng earlier reported that CNG is priced at N200 per Standard Cubic Meter, which is far cheaper than paying N1,000 per litre for Premium Motor Spirit (PMS), commonly known as petrol.There is also an order from the federal government for oil marketers to install CNG pumps at their filling stations.Oil marketers seek govt support
Punch reports that Hammed Fashola, IPMAN’s national vice president, revealed that transitioning to CNG distribution requires significant capital investment, which individual marketers cannot afford alone.
He stressed that government intervention, through grants or a dedicated oil and gas financing institution, is essential for the initiative’s success.
Fashola said:
“In IPMAN, we have been advocating for the establishment of a specialized oil and gas bank, akin to the Bank of Industry, that understands the unique dynamics of our business.
“The current high-interest rates from commercial banks are stifling our operations.”
Fashola revealed that oil markets are prepared to integrate CNG into its existing filling stations but noted insufficient financial backing as a major hurdle.
He warned that the limited availability of CNG refuelling stations could hinder the government’s CNG initiative to provide a cheaper and cleaner alternative to petrol.
IPMAN national vice president said:
“Without sufficient CNG stations, adoption will remain slow. Vehicle owners and truck operators who convert to CNG face challenges finding stations to refill, leading to long queues and delays.”
Fashola revealed that IPMAN has presented its capabilities to the Federal Government, including offering existing station infrastructure and locations for conversion centres.
He urged the government to partner with the association to accelerate the rollout of CNG stations nationwide.
He added:
“Our stations are ready; they just need additional facilities for CNG. This is more cost-effective than building entirely new sites. However, the required investment is substantial, and government backing is crucial.”
Fashola expressed optimism about the potential of the CNG program but reiterated the need for proactive government support to address current bottlenecks and ensure widespread adoption.
Filling stations sell fuel above N1,000/L
In an earlier report, Legit.ng revealed that some filling stations in Nigeria are selling petrol at over N1,000 per litre in Lagos and Ogun states.
This is despite the decision by Dangote Petroluem Refinery and the NNPC limited to slash ex-depot prices.
Oil Marketers have reacted to the development and explained the reasons for high fuel prices despite the efforts of NNPC and Dangote. ...CLICK HERE TO READ THE FULL ARTICLE➤
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