To mitigate the effects of the subsidy reduction, President Bola Tinubu has begun implementing structural steps to make inexpensive gasoline available through compressed natural gas (CNG) and liquified natural gas (LPG).
Mele Kyari, Chief Executive Officer of Nigerian National Petroleum Company Limited, made the announcement following a meeting with Tunubu on Wednesday, June 14, 2023.
Nigeria will provide CNG and LNG gas to Nigerians.
Kyari added that the plans would be implemented shortly and that the structural plan was part of Nigerians’ palliative measures.
According to Channels Television, Kyari revealed that a rehabilitation program was already underway in Nigeria’s refineries and that it would be announced soon.
The news comes as a Nigerian energy company explains how a gas-powered generator works.
According to the manufacturer, a 7.5kVA generator can be powered by connecting it to a 12.5kg gas cylinder via a conversion kit.
The expense of running gasoline generators is skyrocketing.
The company discovered that using a 12.5k gas cylinder and petrol to power a 7.5kVA generator, which can supply up to 15 hours of energy at N500 per hour, results in a significant cost and consumption rate differential.
A 7.5kVA petrol-powered generator, on the other hand, can generate 14 hours of electricity at N1,050 per hour.
It demonstrates that using gas as a fuel source for generators in Nigeria saves money by halving the cost of petrol per hour.
Petrol prices have risen since Nigeria stopped its subsidy program, with a litre of petrol costing more than N500 and reaching as high as N7500 in some areas.
The Naira is falling as marketers’ petroleum cargoes arrive in July, and the NNPC is reducing imports.
The Nigerian government reported on Wednesday, June 14, 2023, that other marketers have engaged in the import of petrol following the abolition of the petrol subsidy.
The federal government said that around three giant oil marketers expect fuel cargoes in July, while others have applied for import permits.
Following the deregulation of the downstream sector, the Nigerian National Petroleum Company Limited (NNPC), the product’s sole importer, curtailed petrol imports.
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