• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, July 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

CNG vehicle economical, affordable – Oyebanji

CNG

The Matters Press by The Matters Press
August 27, 2023
Reading Time: 2 mins read
0
Nissan recalls 1,150,000 vehicles in 3 months

Nissan vehicles

Lagos, Aug. 27, 2023: Mr Tunji Oyebanji, the Chief Executive Officer of 11 Plc has enjoined Nigerians to convert their petrol-powered vehicles to Compressed Natural Gas (CNG) ones, noting that it is affordable and economical.

RELATED POSTS

Atiku’s mockery of Nigeria over Trump’s invitation to 5 African nation, a display of poor knowledge of global affairs

Nigeria’s new flood insurance policy laudable, needs quick application, says TMSG

Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

Oyebanji gave the advice on Sunday in Lagos and reported that the initiative was in furtherance of his commitment to easing the impact of fuel subsidy removal on Nigerians by reducing energy costs.

President Bola Ahmed Tinubu on Aug. 18 approved the establishment of the Presidential Compressed Natural Gas Initiative (PCNGI) to facilitate nationwide adoption of gas-powered vehicles.

He said that the cost incurred in conversion of vehicle on CNG can be recovered within six to nine months depending on type of vehicle and average daily vehicle running.

According to him, CNG is surely a sustainable automobile fuel and around 25 million vehicles are running on natural gas world over.

“To name few, China has 5.4 million, Iran (four million), India (three million), Pakistan (theee million), Argentina (2.2 million), Brazil (1.8 million), and Italy (1.1 million) CNG vehicles.

“With abundant availability of natural gas in Nigeria, CNG can play a major role as preferred automobile fuel for masses.

“CNG is certainly more economical than PMS or AGO and due to indigenous availability of natural gas, CNG is least impacted by fluctuation of crude/fuel prices internationally,” he said.

Oyebanji, who is also the former Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), said that embracing the use of CNG would certainly reduce importation of other fossil fuels.

According to him, it will therefore help to save the nation’s foreign reserves.

He said that the cost of petrol in Nigeria depends on international prices, importation and U.S. dollar to Naira conversion.

Oyebanji reiterated that the introduction of CNG would provide an option of alternate automobile fuel, but would not have any impact on cost of petrol.

On advice to government, he said that government was already taking all necessary action for making availability of cost-effective automobile fuel.

“Government has already made statement for reduction of duty and VAT on CNG kits.

“Government has already taken a very bold and progressive initiative by removal of subsidy.

“Removal of subsidy may give hardship to masses in very short term but certainly it is going to benefit the masses and Nigeria as whole in long run.

“With the removal of subsidy and reduced dependency on importation of fuel, the economy of Nigeria, definitely, will be on improvement path,” Oyebanji emphasised.

On measures to cushion CNG usage, he said: “As far as we are aware, through various news articles, the government is already putting in place all measures to ease the CNG transition.

“It is making availability of mass transportation vehicles, reduction in CNG kit pricing, by way of duty and VAT removal, initiative for conversion of Keke NAPEP and cars etc.

“We feel that for the betterment of the masses and the Nigerian economy, some working time need to be given to the government and agencies.

“This will allow them work towards reducing the hardship being faced by the masses, presently,” he added.

Tags: CNG
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s mockery of Nigeria over Trump’s invitation to 5 African nation, a display of poor knowledge of global affairs

July 5, 2025
Veritas Kapital’s total assets hit N21.4bn
Economy/Technology

Nigeria’s new flood insurance policy laudable, needs quick application, says TMSG

July 4, 2025
Salvaging basic education from ruins of Boko Haram war in Borno
Economy/Technology

Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

July 3, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

July 1, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
Next Post
Nigeria regains top crude oil production spot in Africa

More illegal crude oil connections in Niger Delta discovered

Bids roll in for Ajaokuta Steel Company

Embrace of GMO foods in Africa worrisome

Recommended Stories

Vulnerable Nigerian farmers to get $1m grant

FG/IFAD LIFE-ND disburses N819.4m, empowers 1,220 youths, women in agribusiness

December 21, 2022
Trading in Nigerian stock market dips further N83bn

Equity market strengthens by 0.09%, as banks trade more shares

December 20, 2023
Despite COVID – 19, HIV Still relevant – Aisha Buhari

Despite COVID – 19, HIV Still relevant – Aisha Buhari

December 2, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Atiku’s mockery of Nigeria over Trump’s invitation to 5 African nation, a display of poor knowledge of global affairs
  • Nigeria’s new flood insurance policy laudable, needs quick application, says TMSG
  • Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us