"N200/L": Nigerian Company Completes CNG Stations, Moves to Crash Petrol Price

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  • NIPCO Gas has said it has completed four compressed natural gas (CNG) stations in Lagos
  • The company disclosed that the stations will begin operation by April to serve vehicles in the state
  • NIPCO announced that it would sell Compressed Natural Gas (CNG) to motorists at N200 per standard cubic meter (scm), in contrast to the N670 per liter price of petrol sold in the country

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

NIPCO Gas has completed and opened four new CNG stations in Lagos to promote an alternative to petrol.

The four facilities would be opened for commercial operations by the end of April to become the first in Lagos.

NIPCO Gas announces opening of four new CNG stations in Lagos Credit: NurPhotoSource: Getty Images

CNG offers cheaper alternatives

According to Nagendra Verma, the managing director of NIPCO Gas, the firm has been involved in AutoGas's development and growth since 2009.

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Leadership reported that the NIPCO Gas boss assured the sustainability of supply and said AutoGas for cars, taxis and tricycles is being sold at about N200 per standard cubic foot instead of the N670 per litre of petrol in Abuja.

Verma added that for heavy commercial vehicles, CNG is sold at N260 per standard cubic meter (scm), compared to N1,250 for diesel in Lagos, and N290 per scm, as opposed to N1,300 per liter in Abuja.

Verma said:

“NIPCO Gas is sure that with the current government's continuous focus and push, AutoCNG will become the Choice fuel for Nigeria, which has the potential to reduce the pressure on importation as well as on Forex,” he added.

NIPCO Gas opens 15 stations in Nigeria

He stated that CNG is a project for the masses and of national importance, adding that if the company expands across Nigeria immediately, it will relieve Nigerians and motorists of high petrol costs.

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He outlined the company’s strategy and said the firm started in Benin City before expanding its CNG network to Ogun State and Kogi State.

NIPCO Gas operates 15 CNG stations across Nigeria, and CNG vehicles in Lagos can travel to Abuja and Kaduna by taking the road between the company’s stations.

Oil marketers propose new petrol price

Legit.ng previously reported that the Dangote Petroleum Refinery in Lagos would soon begin pumping petrol to the domestic market, barring unforeseen circumstances.

The refinery and oil marketers have increased efforts to make final decisions on pricing and delivery of petrol to filling stations nationwide.

According to reports, there are indications that marketers and refinery management have been meeting on the new petrol pricing, distribution, and margins for registered stakeholders in the value chain, which includes transporters and insurers.