Introduction
Since the price of petrol jumped from N200 to about N1050 to N1,400 range in Nigeria, everyone has since being looking for cheaper alternatives. CNG provides some relief, but people perceive the investment risky, in terms of carrying CNG gas bottles in their cars about and also believe the cost of gas is related to the fluctuations in Dollars exchange rates.
We at MYEV also share these sentiments and preferred to analyze petrol fuel vs Electric juice. Why? asides the fact that the price of Electricity is fairly stable, the possible of charging the EVs with free energy from the Sun makes it a super appealing alternative to Internal Combustion Engines (ICE).
We made some assumptions and caveats, as highlighted below. However, the EVs are a far better option to reduce cost of charging.
Assumption
- 1 Cylinder (Tricycle), 4 Cylinder (2.3 – 2.8 liter engine), and 6 Cylinder (3.0 – 3.6 liter engine)
- We assume the capacities of Tricycle, 4 Cylinder Car and 6 Cylinder Car equivalents to be 4.14kWh, 48kWh, and 71kWh respectively.
- The estimates are based purely on the cost of charging the batteries and not considering financing cost of EV nor batteries.
- The projections in this model are intended to provide fair estimates. Actual fuel consumption can vary significantly based on vehicle type and the overall condition of the engine, which greatly affects performance and efficiency.
- Additionally, electric vehicles (EVs)—including cars, tricycles, and motorcycles—consume more power at higher speeds. Faster driving increases power consumption and reduces range, while slower speeds extend range by conserving power. This condition greatly affects the reliability f this model.
Conclusion
With the recent surge in petrol prices, switching to electric-powered vehicles, particularly for frequent trips is a wise investment. In our analysis comparing fuel costs between electric and petrol-powered vehicles, electric options offer substantial savings over traditional fuel. For instance, running a tricycle on electricity rather than petrol yields a savings of N15,800 per 100 km.
The savings become even more pronounced with conventional cars, where the cost-effectiveness of electricity is especially noticeable. For a 500 km trip, a motorist using a 4-cylinder engine can save up to N72,960 by switching to electric, while a 6-cylinder engine driver could save as much as N95,670.
This comparison highlights the financial advantage of electric vehicles, positioning them as a more economical and potentially transformative solution for daily commuting amidst rising fuel prices.
