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This paper presents a cost-benefit analysis of a hypothetical project for converting urban diesel buses into compressed natural gas (CNG) in the Metropolitan Region of São Paulo (MRSP). Environmental valuation techniques were used to estimate the benefits of the air quality improvement due to fuel switch, due to the reduction of particulate matter (PM10) concentration. The costs of the project were calculated by the costs of converting diesel buses into CNG. The results show that the social benefits from the project largely exceed the conversion costs, thus indicating that it would contribute significantly to the welfare of the affected population. [ABSTRACT FROM AUTHOR]