IPMAN, NIGERIA – Following the Federal Government’s directive, filling station owners are now set to sell fuel priced at N200 across the country. In response, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is calling for government support to convert filling stations into refueling points for Compressed Natural Gas (CNG).
Hammet Fashola, National Vice President of IPMAN, stated that the transition to CNG distribution requires significant investment, which individual marketers cannot afford. He urged the government to provide financial assistance through grants or the establishment of an oil and gas financing institution to support the initiative.
Fashola also advocated for the creation of a specialized oil and gas bank, similar to the Bank of Industry, which would better understand the sector’s unique needs. He further pointed out that the high-interest rates from commercial banks were inhibiting their operations.
While oil marketers are ready to integrate CNG into their existing stations, Fashola warned that the lack of CNG refueling stations could slow the success of the government’s plan to provide a cleaner and more affordable alternative to petrol. He emphasized that vehicle owners and truck operators who switch to CNG may struggle to find refueling stations, resulting in long queues and delays.
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IPMAN has offered the government its existing station infrastructure for CNG conversion and urged a partnership to speed up the rollout of CNG stations nationwide. Fashola expressed optimism about the program’s potential but stressed that government support was crucial for its success.
Despite efforts from Dangote Petroleum Refinery and NNPC to lower ex-depot prices, oil marketers have explained that high fuel prices persist.
By Damilola Adeleke| January 15, 2025
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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