In a bid to quell concerns over potential fuel shortages, major petroleum marketers in Nigeria have assured the public that there is sufficient petrol supply across the country. The reassurance came from Clement Isong, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), during a statement released on Thursday.
Isong emphasized that there are substantial stocks available not only in the tanks of the Dangote Refinery but also with the Nigerian National Petroleum Company Limited (NNPC). “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,” he stated.
He further elaborated that there is a reliable forecast for future supplies of all petroleum products, indicating a stable supply chain. “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,” Isong added, reinforcing confidence in the current market conditions.
Isong’s remarks come at a time when the NNPC has increased petrol prices, prompting long queues at various retail outlets in major cities such as Lagos and Abuja. Following the price hike, which saw petrol rise from N1,030 to N1,060 per litre in Abuja and from N998 to N1,025 in Lagos, there has been a notable surge in consumer anxiety, leading to calls for restraint.
In his statement, Isong urged the public against panic buying, emphasizing that the situation is under control. “We urge the public not to engage in panic-buying of petroleum products, as supply efficiency continues to improve and logistics optimization progresses,” he remarked. He reassured consumers that member companies are committed to ensuring availability and affordability amid rising prices.
Despite these assurances, the general public has expressed discontent over the price increases, with various stakeholders, including the Organised Private Sector and Civil Society Organisations, voicing their concerns. Nigerians have faced a series of fuel crises since May, leading to frustrations over the government’s inability to resolve ongoing issues effectively.
In a related development, Alhaji Aliko Dangote, President of the Dangote Group, revealed that his refinery currently holds over 500 million litres of petrol in reserve. He invited marketers to purchase the product directly from his refinery to alleviate supply concerns. However, reports indicate that some marketers have experienced difficulties in purchasing petrol from Dangote.
As the situation unfolds, Isong concluded by reiterating the commitment of MEMAN members to optimize supply and logistics, ensuring that customers have access to the necessary petroleum products. “MEMAN members will continue to maximise their supply and logistics efficiency to ensure the highest levels of availability, accessibility, and affordability for their customers,” he affirmed.
