ScholarLens Back to search
2017•International Journal of SciencesOpen access

Economic Analysis of Utilising Compressed Natural Gas (CNG) as Vehicular Fuel in Nigeria

Nnaemeka Princewill Ohia, Anyadiegwu C.I.C., Chukwuemeka Muonagor

Open full text 3 citations

Abstract

Economic analysis of the use of compressed natural gas (CNG) for powering automobiles was presented. The data for costs of constructing and running CNG-powered vehicles were obtained for the study. Economic analysis of running the CNG-powered vehicles was performed. The initial costs of project and operating costs amounted to N3.71million and N1.31million for CNG respectively. The net revenue for CNG is N2.55 million. Figures were used to determine the pay-out of the project which is 1.45 years. The Net Present Value (NPV) and other parameters that make up the project economics were estimated for CNG. The NPV for CNG at an expected rate of return of 10% is N15.7 million. The summary of the result of the calculations of all the parameters examined for CNG was also presented. From the whole analysis done it is easily seen that using CNG for powering vehicles is economically viable.

Open-access reader

About this research paper

What this paper is about

Economic analysis of the use of compressed natural gas (CNG) for powering automobiles was presented. The data for costs of constructing and running CNG-powered vehicles were obtained for the study. Economic analysis of running the CNG-powered vehicles was performed. The initial costs of project and operating costs amounted to N3.71million and N1.31million for CNG respectively. The net revenue for CNG is N2.55 million. Figures were used to determine the pay-out of the project which is 1.45 years. The Net Present Value (NPV) and other parameters that make up the project economics were estimated for CNG. The NPV for CNG at an expected rate of return of 10% is N15.7 million. The summary of the result of the calculations of all the parameters examined for CNG was also presented. From the whole analysis done it is easily seen that using CNG for powering vehicles is economically viable.

Why it matters

OpenAlex reports 3 citations for this work. Citation counts describe recorded attention and do not establish research quality.

Key contribution

A contribution statement is not available in the OpenAlex record.

Method / approach

Method details are not available in the OpenAlex metadata.

Main findings

Findings are not separately available in the OpenAlex metadata.

Limitations

Limitations are not available in the OpenAlex metadata.

Applications

Application details are not available in the OpenAlex metadata.

Available abstract

Economic analysis of the use of compressed natural gas (CNG) for powering automobiles was presented. The data for costs of constructing and running CNG-powered vehicles were obtained for the study. Economic analysis of running the CNG-powered vehicles was performed. The initial costs of project and operating costs amounted to N3.71million and N1.31million for CNG respectively. The net revenue for CNG is N2.55 million. Figures were used to determine the pay-out of the project which is 1.45 years. The Net Present Value (NPV) and other parameters that make up the project economics were estimated for CNG. The NPV for CNG at an expected rate of return of 10% is N15.7 million. The summary of the result of the calculations of all the parameters examined for CNG was also presented. From the whole analysis done it is easily seen that using CNG for powering vehicles is economically viable.

Key concepts: Compressed natural gas, Natural gas, Revenue, Economic analysis, Net present value, Environmental science, Fuel gas, Automotive engineering

Related papers

Related paper 1Related paper 2Related paper 3
Back to paper searchBrowse research topicsOriginal source
Economic Analysis of Utilising Compressed Natural Gas (CNG) as Vehicular Fuel in Nigeria — Research Paper | ScholarLens