In apparent bid to cushion the effect of recent increase in the price of premium Motor Spirit (PMS) following the deregulation of the oil downstream, the Nigerian National Petroleum Corporation (NNPC) said on Sunday that it will soon begin activation of Compressed Natural Gas refill stations for motorists across the country.
NNPC made the disclosure in a statement by its Group General Manager Public Affairs Division, Dr Kennie Obateru, in Abuja.
It explained that the CNG simply known as methane stored at high pressure is a fuel that can be used in place of gasoline, diesel fuel and liquefied petroleum gas and its combustion produces fewer undesirable gases than the aforementioned fuels.
Minister of State, Petroleum Resources, Chief Timipre Sylva, had announced that the Federal Government will in the next couple of weeks inaugurate CNG Plants in all NNPC petroleum stations across the country.
This, he said would serve as alternative to petrol for motorists in the country.
He said the idea was to support the ongoing initiatives by the Ministry of Petroleum Resources to provide alternate energy sources for Nigerians.
He quoted the Group Managing Director of the Corporation, Malam Mele Kyari, as saying that the National Oil Company had already keyed into the gas penetration agenda championed by Sylva.
Kyari noted that as an energy company with focus on cleaner and cheaper sources of fuel, the Corporation would continue to work with other stakeholders in the industry to provide viable alternatives to petrol.
This, he said, would ultimately lead to reduction in demand for the product and eventual reduction in price.
He reiterated the commitment of the corporation towards openness and greater transparency in its operations.
Kyari said that in the months ahead NNPC would make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.
On the state of the refineries, he said that the plants were deliberately shut down to allow for a robust diagnosis of the issues which have overtime made it impossible for the facilities to operate up to their ultimate capacities.
He added that the shutdown also became inevitable due to difficulties in feeding them with crude oil via the pipelines that had been completely compromised by vandals.
He said the Corporation was moving rapidly to execute complete rehabilitation of the refineries under an exercise that would guarantee restoration of the facilities to at least 90 per cent capacity utilisation.