‘Avoid Panic Buying’ – Major Marketers Assure Steady Petrol Supply Despite Rising Prices

Major petroleum marketers have assured the public of sufficient petrol supply across the country, advising against panic buying.

In a statement released on Thursday, CEO of the Major Energy Marketers Association of Nigeria (MEMAN), Clement Isong, confirmed that ample fuel stocks are held in both the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC) reserves.

Isong emphasized a secure forecast of future supplies for all petroleum products, stating, “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.”

He explained that deregulation allows proactive marketers to anticipate and fulfil their supply needs, helping to avert shortages.

As a result, Isong asserted that MEMAN foresees no immediate or future petrol shortages.

“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.

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

MEMAN also called on Nigerians to avoid panic buying, highlighting ongoing improvements in supply and logistics to ensure fuel availability and affordability.

“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.

Naija News reports 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.

NNPC raised the retail price of petrol from ₦1,030 to ₦1,060 per litre in Abuja and from ₦998 to ₦1,025 per litre in Lagos.

This increase drew criticism from the Organised Private Sector, Civil Society Organisations, and the general public.

Despite repeated government assurances, Nigerians have faced recurring fuel shortages since May of this year.