Schneider Electric has emphasized the necessity for adoption of electric vehicle (EV) solutions to address future fuel concerns as the need for sustainable transportation solutions develops.
This is as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the price of Premium Motor Spirit (PMS) also known as petrol will drop as private investors make their way into the industry, as well as the use of Compressed Natural Gas (CNG) as an alternative energy source will cushion the effect of subsidy removal.
Speaking to journalists in Abuja, Chinedu Okoronkwo, National President IPMAN said the removal of subsidy by President Bola Tinubu, will unbundle the downstream sector as it gives way for more private investors to come in.
“Our association has the numerical strength to force down the price of fuel once they start independent importation of the product,” he said.
The IPMAN president said that using Compressed Natural Gas as an alternative energy source will cushion the effect of subsidy removal, adding that its adoption will provide a better and long-lasting solution to the constant fluctuation in the price of petrol in the global market.
IPMAN also agreed to revive the CNG conversion programme earlier agreed upon with Labour centres in 2021 and work out detailed implementation and timing.