Major petroleum marketers have reassured the public that there is ample petrol available for distribution, urging against panic buying.
This was disclosed in a statement on Thursday, by the Chief Executive Officer of the Major Energies Marketers Association of Nigeria, Clement Isong.
Isong confirmed that the Dangote refinery and the Nigerian National Petroleum Company Limited have sufficient stock in their tanks, according to The Punch.
He also indicated that there is a clear outlook on future supplies for all petroleum products.
“In light of several inquiries from the press regarding a perceived tightness in the petroleum supply market, the Major Energies Marketers Association of Nigeria wishes to assure the general public and all stakeholders that we have significant stocks of products in our tanks and/or access to significant stocks of products in the tanks of our suppliers (including Dangote Refinery and NNPC Trading Limited), and a clear line of sight on future supplies for all petroleum products,“ the statement read partly.
Isong emphasized that deregulation enables diligent marketers to plan and secure their supply needs in advance, helping them avoid stock shortages.
As a result, he stated that the Major Energies Marketers Association of Nigeria does not anticipate any scarcity now or in the near future.
“The benefit of diversification of supply and deregulation is that diligent marketers can plan and book in advance for their supply needs and make adequate adjustments and alternative arrangements in advance to avoid product outages.
“MEMAN does not envisage any outages of petroleum products in the immediate future or the near term,” he maintained.
The MEMAN CEO urged Nigerians to avoid panic buying petrol, saying his members would optimise their supplies and logistics costs to make the product available and affordable.
“We urge the public not to panic-buy petroleum products, as our supply efficiency continues to improve, and logistics optimisation begins to set in.
“MEMAN members shall continue to do all within their power to optimise their supply and logistics costs and efficiency to ensure the highest level of availability, accessibility and affordability for their customers in the increasingly competitive environment,“ he explained.
It was earlier reported that following the Nigerian National Petroleum Company’s petrol price increase on Tuesday, long queues formed 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.
This move drew widespread criticism from the Organized Private Sector, Civil Society Organizations, and the general public. Since May, Nigerians have been grappling with fuel crises due to various factors.
Government promises to resolve the fuel crisis have yet to yield tangible results.
On Tuesday, Alhaji Aliko Dangote, President of the Dangote Group, announced that his refinery has over 500 million litres of petrol available, urging marketers to come forward to purchase it. However, several marketers reported difficulties in successfully acquiring PMS from Dangote.
