The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has called on Nigerians to remain calm and avoid panic buying of petrol, stating that there is no looming fuel scarcity in the country.
The National Public Relations Officer of PETROAN, Dr. Joseph Obele, dismissed claims that the temporary suspension of naira sales by Dangote Refinery was the cause of the recent panic buying in parts of the country. He assured that the petroleum supply chain remains stable and that Nigerians should not worry about shortages.
Obele emphasized that fuel supply is being maintained through various sources, including the functional refineries of the Nigerian National Petroleum Company Limited, NNPC modular refineries, and independent importers.
“We wish to reassure the public that there is no justification for panic buying. The NNPC Limited has two functional refineries, and there are other modular refineries, as well as importers, that continue to supply petroleum products to the market,” he stated.
He urged Nigerians to go about their daily activities without fear of fuel scarcity, stressing that the tension leading to panic buying is unnecessary.
“The federal government, the Ministry of Petroleum Resources, and regulatory agencies are committed to ensuring a seamless supply of petroleum products nationwide. The public should remain calm and avoid unnecessary fuel purchases that could create artificial shortages,” Obele added
The PETROAN spokesperson also highlighted the need to balance local fuel production with importation to meet national demand. While supporting local refining as a means to boost energy security, create jobs, and stimulate economic growth, he noted that domestic production alone may not be sufficient.
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“To ensure a stable and sustainable fuel supply, we support keeping the window for petroleum product importation open. This will promote competition and help regulate prices, benefiting both consumers and the economy,” Obele explained.
Addressing the naira-for-crude initiative, Obele clarified that the six-month test run of the policy had ended and was currently under government review. He dispelled rumours of its termination, stating that authorities are still assessing its feasibility and long-term sustainability.
“We understand that the Ministry of Petroleum Resources is evaluating the effectiveness of the naira-for-crude initiative. It is important that any decision considers the interests of all stakeholders, including petroleum retailers, to align with the country’s economic goals,” he said.
He urged policymakers to make informed decisions that would benefit both the oil sector and the Nigerian economy while maintaining stability in the petroleum supply chain.
Obele reaffirmed PETROAN’s commitment to supporting efforts that ensure a steady fuel supply and urged Nigerians to disregard fears of an impending scarcity.
“There is no reason to panic. Fuel supply remains steady, and we encourage Nigerians to avoid unnecessary purchases that could trigger artificial shortages,” he concluded.
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