The Independent Petroleum Marketers Association of Nigeria has sought the Federal Government’s financial backing to upgrade their stations to refuelling points for Compressed Natural Gas.
IPMAN said its members would need more funds to make CNG available in their filling stations, saying the business is capital-intensive.
In an interview with The PUNCH, the National Vice President of IPMAN, Hammed Fashola, said the association is interested in selling CNG in its filling stations but has yet to do so because of the capital required.
Fashola urged the Federal Government to allocate funds for the oil and gas sector, saying that commercial banks are hindering their business due to the high interest rate.
The IPMAN VP said the government’s backing is needed because of the huge investment required to start the CNG business.
He said, “In IPMAN, we have been soliciting for a situation whereby we have a bank of oil and gas like we have the Bank of Industry.”
