Oil marketers in Nigeria have proposed the construction of 30,000 gas stations to cushion the impact of fuel subsidy removal on Premium Motor Spirit, popularly called petrol.
According to reports, Nigerians are anticipating the June 2023 date for subsidy removal, and calls for palliatives to alleviate the effects of the halt in subsidy are gaining momentum.
Experts predict that petrol may sell for about N750/litre if the Federal Government removes the subsidy by June this year.
The oil marketers are calling on the Central Bank of Nigeria to release the N250bn intervention fund for the National Gas Expansion Programme as loans to vehicle owners to acquire gas conversion kits.
The National President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, has written to the Finance Minister requesting an audience with her to present a palliative solution to cushion the impact of the removal of the unsustainable petrol subsidy.
The letter read in part, “We are writing to request an audience with you to present a palliative solution to cushion the impact of the removal of the unsustainable petrol subsidy.
“Our partners, Gas Analytics & Solutions Ltd, have an agreement with the independent Petroleum Marketers Association of Nigeria to co-locate natural gas dispensers on our network of over 30,000 filling stations in Nigeria.
“This collaboration with IPMAN presents the most economic and expedient platform to deploy the necessary infrastructure to support a fast national roll-out of CNG (Compressed Natural Gas) for vehicles.”
The proposed gas dispensers will be co-located with natural gas dispensers in over 30,000 filling stations across Nigeria.
The marketers believe that this platform would provide a cushion to Nigerians from the shock of high petrol prices once the subsidy is removed and would significantly reduce the need for foreign exchange to import petrol.