Marketers Dismiss Fuel Scarcity Concerns, Urge Public Against Panic Buying

Major petroleum marketers have assured Nigerians that there is ample petrol supply and have advised the public to avoid panic buying. 

In a statement released on Thursday, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), Clement Isong, confirmed that sufficient stock is available from suppliers, including the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC).

Responding to inquiries about a potential tightening of the fuel supply, Isong clarified that the association holds substantial stocks and has a reliable forecast for future supplies. 

“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...along with a reliable forecast of future supplies for all petroleum products,” the statement read.

Isong noted that deregulation has empowered marketers to better plan for and secure future supply needs, reducing 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," he stated, confirming that MEMAN does not foresee any petrol scarcity in the immediate or near future.

The MEMAN CEO encouraged Nigerians not to panic-buy, assuring that member companies are working to maximize supply efficiency. 

“MEMAN members will continue to maximise their supply and logistics efficiency to ensure the highest levels of availability, accessibility, and affordability,” Isong concluded.

The reassurance comes amid long queues observed at NNPC retail outlets in Lagos and Abuja following a petrol price increase by the national oil company on Tuesday. Prices in Abuja rose from N1,030 to N1,060 per litre, while Lagos saw an increase from N998 to N1,025 per litre, sparking criticism from the Organised Private Sector, Civil Society Organisations, and the public. Nigerians have endured repeated fuel crises since May, despite promises from the government to resolve the situation.

Meanwhile, Alhaji Aliko Dangote, President of the Dangote Group, recently announced that his refinery has over 500 million litres of petrol in reserve, inviting marketers to purchase supplies. However, some marketers have reportedly faced difficulties in accessing petrol from Dangote's reserves.