Petrol retail marketers in Nigeria have urged Nigerians not to engage in panic buying, due to the uncertainties surrounding the naira-for-crude renegotiation.

Speaking under the umbrella of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), they noted that the fears of fuel scarcity are unfounded given that there are other functional refineries in the country.

The group noted that the suspension of the naira-for-crude deal will not translate into scarcity of the product since there are also importers bringing in petroleum products to the country, and encouraged Nigerians to go about their regular business.

The Dangote Petrochemical Refinery suspended sales of petroleum products in naira, after its renegotiations with the NNPCL appeared to have stalled for a while.

The company said in its official announcement that the decision was to enable it to meet its dollar obligations.

It also announced that it would resume sales in naira when it starts getting crude supplies from the NNPC in naira again.

There are reports that this move may have triggered panic buying in some parts of Nigeria, due to fears that fuel prices would increase. However, PETROAN has assured that the petrol demands of Nigerians would always be met, as the federal government and the regulatory agencies are out to ensure that.

PETROAN National Public Relations officer, Mr. Joseph Obele, also stated that the group strongly believes the government should promote local production of petroleum products to stimulate economic growth through job creation and energy security.

He added that importation should be allowed to continue to ensure a steady and sufficient supply of the product in the Nigerian market, and competition to keep the market balanced, Leadership reports.

PETROAN PRO noted that with the end of the six-month pilot phase of the naira-for-crude deal, renegotiations are ongoing.

Obele urged the Ministry of Petroleum Resources and the NNPCL to come up with a solution that will protect the best interests of Nigerians and align with Nigeria’s economic goals.

Recall that the PETROAN national president, Dr. Billy Gillis-Harry, has earlier urged the government to continue the naira-for-crude deal.

He noted that the burden is on the government to ensure that all transactions within Nigeria are conducted with the naira to reduce pressure on the Foreign exchange market, protect the local currency and the economy.