Following the removal of fuel subsidy that has caused a hike in the Petroleum Motor Spirit (PMS) from N187 per litre to over N500 per litre, Petrol marketers said an alternative fuel is set to be launched.
Oil marketers assured motorists and transport operators in Nigeria would witness relief soon.
Chinedu Okoronkwo, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) gave the assurance while speaking in an interview with Channels TV.
Speaking on the programme, Okoronkwo said the organization is 90% prepared to introduce Compressed Natural Gas (CNG) as an alternative fuel by the end of June.
According to him, the CNG would cost between N100 and N110 per litre, adding that the CNG would replace gasoline.
The IPMAN boss further explained that CNG would help reduce Nigeria’s energy consumption cost.
He said: “Very soon, we will roll out. We are 90 per cent close to that, which will also unveil many possibilities.”
Reports say Okoronkwo stated that the petrol subsidy removal had reduced the speed with which Nigeria would have gotten another energy alternative.