Major petroleum marketers have cautioned against panic buying and reassured the public that there was enough supply of petrol. ADVERTISEMENT Major petroleum marketers address panic buying in Nigeria. Photo Credit: Contributor Source: Getty Images

In a statement issued on Thursday, October 31, 2024, Clement Isong, the CEO of the Major Energy Marketers Association of Nigeria, said the Nigerian National Petroleum Company Limited and the Dangote Refinery have plenty of stock in their tanks.

According to Isong, 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.

According to Isong, deregulation helps marketers anticipate and prepare for their supply needs, hence averting shortages. In light of this, he said, MEMAN does not foresee a petrol shortage anytime soon.

“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.

MAN does not anticipate any disruptions to the supply of petroleum products in the foreseeable future,” he asserted.

The CEO of MEMAN assured Nigerians that member companies will continue to optimise their supply and logistics to ensure availability and affordability and urged them to avoid panic buying.

“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.

Recall that 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.