With the removal of the petrol (PMS) subsidy in Nigeria, the soaring prices of fuel have left many scrambling for alternatives, and there is now a growing clamor for CNG-powered vehicles as a means to alleviate the economic hardship faced by the average Nigerian. While electric vehicles (EVs) are seen as a promising solution, their high costs and infrastructural challenges make them unattainable for most Nigerians.
CNG vehicles, on the other hand, present a more viable option. They are not only cheaper to maintain compared to gasoline vehicles but also offer environmental benefits. CNG, which primarily consists of methane, produces fewer harmful emissions when burned, leading to a significant reduction in carbon dioxide and other pollutants in the atmosphere.
To ease the hardship faced by many Nigerians, some state governors have started introducing CNG buses. Additionally, many experts are encouraging Nigerians to switch from gasoline vehicles to CNG-powered vehicles, viewing this shift as a potential solution to reduce the soaring cost of living.
However, there is a critical caveat in Nigeria: as soon as consumers pivot from an expensive product to a cheaper alternative, the price of the new product inevitably begins to climb. A stark example of this is the case of Liquefied Petroleum Gas (LPG), which was initially adopted as a cost-effective alternative to kerosene. When LPG was first introduced, it was priced around N100 to N120 per kilogram, making it an attractive option for many households. Yet, as demand surged, so did the price, and today, the cost of LPG has skyrocketed to between N1,200 and N1,400 per kilogram.
This pattern raises concerns that even with a shift to CNG vehicles, Nigerians may soon find themselves in the same cycle of escalating costs, where the initial economic relief quickly turns into another financial burden as demand drives prices up.
CNG vehicles are praised for their lower maintenance costs and environmental benefits, offering a glimmer of hope for many Nigerians seeking relief from the financial strain of rising gasoline prices.
The real test will be whether the transition to CNG vehicles can sustain its cost-effectiveness over time without falling into the same cycle of price inflation that has plagued other alternatives. For now, the promise of CNG vehicles appears hopeful, but whether it will truly provide lasting economic relief and reduce the cost of living for Nigerians remains to be seen. Only time will tell if this switch can deliver the stability and savings that Nigerians desperately need.
By Rauf Oluseyi Owoyomi
