Oil marketers have proposed that blending ethanol with Premium Motor Spirit (PMS), commonly known as petrol, could potentially lower the price of petrol across Nigeria to as low as N49 per litre, a move that could address the ongoing fuel scarcity in some parts of the country.
This revelation was made on the sidelines of the BusinessDay/Major Oil Marketers Association of Nigeria Policy Intervention Series on Alternative Fuel in Lagos.
According to the oil marketers, introducing ethanol into petrol presents an opportunity for significant savings for both the Federal Government and consumers.
Clement Isong, the Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), highlighted the potential benefits, stating, “We all know that everyone is currently complaining of the high price of petrol, however, blending ethanol with petrol is one of the ways to bring down prices by up to N49 per litre. This practice can also support local farming and agro-processing industries, particularly using abundant resources like cassava.”
Ethanol, a volatile and clear liquid with a distinctive odor, is often used as an octane booster in fuels. It enhances fuel combustion and reduces emissions, making it an environmentally friendly choice. Commonly, fuel contains approximately 10 percent ethanol.
Blending ethanol with petrol not only has the potential to lower fuel prices but also supports local agriculture and processing industries, ultimately contributing to a more sustainable and cost-effective fuel solution for consumers in Nigeria.