Major petroleum marketers have assured the public there is sufficient petrol supply and urge against panic buying.
In a statement released on Thursday, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria, Clement Isong, affirmed that ample stock is available in the tanks of the Dangote Refinery and the Nigerian National Petroleum Company Limited.
Isong added that there is a reliable forecast of future supplies for all petroleum products.
“In light of several inquiries from the press regarding a perceived tightening in the petroleum supply market, the Major Energy Marketers Association of Nigeria wishes to assure the general public and all stakeholders that we have substantial stocks of products in our tanks and/or access to considerable stocks in the tanks of our suppliers (including Dangote Refinery and NNPC Trading Limited), along with a reliable forecast of future supplies for all petroleum products,” the statement read in part.
Isong noted that deregulation enables diligent marketers to plan and secure their supply needs in advance, helping prevent shortages.
Consequently, he stated that MEMAN does not anticipate any petrol scarcity in the immediate or near future.
“The benefit of a diversified supply chain and deregulation is that diligent marketers can plan and secure supply needs in advance, making necessary adjustments to prevent product shortages.
“MEMAN does not anticipate any disruptions to the supply of petroleum products in the foreseeable future,” he asserted.
The MEMAN CEO encouraged Nigerians to refrain from panic buying, assuring them that member companies will continue to optimise their supply and logistics to ensure availability and affordability.
“We urge the public not to engage in panic-buying of petroleum products, as supply efficiency continues to improve and logistics optimisation progresses.
“MEMAN members will continue to maximise their supply and logistics efficiency to ensure the highest levels of availability, accessibility, and affordability for their customers in the increasingly competitive environment,” he concluded.
Following the NNPC’s increase in petrol prices across the country on Tuesday, long queues were observed at its retail outlets in Lagos and Abuja on Wednesday.
The national oil firm raised the retail price of petrol in Abuja from N1,030 to N1,060 per litre, while in Lagos, the price increased from N998 to N1,025 per litre, sparking widespread criticism from the Organised Private Sector, Civil Society Organisations, and the general public.
Nigerians have faced recurring fuel crises since May this year for various reasons.
Despite government promises to resolve the situation, results have yet to materialise.
On Tuesday, the President of the Dangote Group, Alhaji Aliko Dangote, stated that his refinery holds over 500 million litres in reserve, inviting marketers to purchase the product.
However, some marketers reported unsuccessful attempts to purchase PMS from the Dangote Refinery.
