The Major Energies Marketers Association of Nigeria, MEMAN, has issued a statement advising against panic buying of fuel, reassuring the public about the availability of sufficient petroleum supplies.
This announcement comes amid concerns over potential shortages in the market. Mr. Clement Isong, the CEO of MEMAN, confirmed that there are significant stocks of petroleum products in storage and that the association has reliable access to supplies from partners, including Dangote Refinery and the Nigerian National Petroleum Company Trading Limited, NNPCL.
Isong emphasized that MEMAN does not foresee any disruptions in the supply of petroleum products in the near future. He highlighted that the diversification of supply sources and market deregulation have enabled marketers to effectively plan and secure their supply needs, thereby minimizing risks of outages.
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The CEO noted that supply efficiency is improving, and logistics operations are being optimized. He urged consumers to refrain from panic buying, as it could exacerbate supply issues unnecessarily.
Isong reiterated MEMAN’s commitment to ensuring high levels of availability, accessibility, and affordability of petroleum products for consumers in a competitive market environment.
In summary, MEMAN is actively working to maintain a stable supply of fuel and is urging Nigerians to remain calm amidst fears of shortages.
Following the recent increase in petrol prices by the NNPC, long queues have been observed at retail outlets in Lagos and Abuja. On Tuesday, the national oil company raised the price of petrol in Abuja from N1,030 to N1,060 per litre, while Lagos saw a hike from N998 to N1,025 per litre. This move has drawn significant backlash from the Organised Private Sector, Civil Society Organizations, and the general public.
Nigerians have been grappling with persistent fuel crises since May 2023, attributed to various factors, despite government assurances of resolution. On Tuesday, Alhaji Aliko Dangote, President of the Dangote Group, announced that his refinery has over 500 million litres of petrol in reserve and invited marketers to buy from them. However, some marketers have reported difficulties in purchasing petrol from Dangote, exacerbating the ongoing fuel challenges in the country.
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