Major petroleum marketers have assured the Nigerian public that there is an ample supply of petrol in stock, advising citizens to avoid panic buying amidst recent concerns. In a statement released on Thursday, Clement Isong, Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), emphasized that sufficient petrol reserves are available, including substantial stock in the tanks of Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC).
Addressing recent queries about a potential supply shortage, Isong clarified, “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.”
Isong further explained that the deregulation of the petroleum market allows marketers to efficiently plan and secure supplies in advance, which helps mitigate the risk of shortages. “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,” he noted. Consequently, MEMAN does not anticipate any disruptions to petrol availability in the immediate or near future.
The MEMAN CEO urged Nigerians to refrain from panic buying, as marketers continue to optimize their supply chain to ensure consistent availability. “We urge the public not to engage in panic-buying of petroleum products, as supply efficiency continues to improve and logistics optimisation progresses,” he said. “MEMAN members will continue to maximise their supply and logistics efficiency to ensure the highest levels of availability, accessibility, and affordability for their customers.”
This assurance follows the NNPC’s recent increase in petrol prices, with long queues seen at fuel stations in Lagos and Abuja. On Tuesday, the national oil company raised the price in Abuja from N1,030 to N1,060 per litre, and in Lagos from N998 to N1,025 per litre. The price hike sparked criticism from various groups, including the Organised Private Sector and Civil Society Organisations.
Meanwhile, Alhaji Aliko Dangote, President of the Dangote Group, disclosed that his refinery has over 500 million litres of petrol in reserve and invited marketers to purchase supplies. However, some marketers reported challenges in securing PMS from the refinery.
Despite government efforts to stabilize the fuel supply since May, Nigerians have faced recurrent fuel crises. MEMAN’s reassurances are aimed at allaying public concerns and fostering a stable market in the face of rising prices and ongoing supply challenges.
