In response to growing concerns about fuel availability, the Major Energy Marketers Association of Nigeria (MEMAN) has assured the public that there is no imminent shortage of petroleum products.
The association also urged Nigerians to refrain from panic buying.
In a statement issued on Thursday, MEMAN’s Chief Executive Officer, Clement Isong, confirmed that sufficient stock is available both within the group’s reserves and from key suppliers, including the Dangote Refinery and 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 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," the statement read in part.
Isong emphasized that Nigeria’s deregulated market allows marketers to proactively manage supply needs, which he said reduces 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, 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.
Amid reports of rising fuel prices and supply challenges, Isong encouraged the public to remain calm, assuring that MEMAN’s member companies would continue to optimize supply and logistics to ensure consistent 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 added.
The statement follows an increase in petrol prices by the NNPC on Tuesday, leading to long queues at retail outlets in Lagos and Abuja.
The national oil company raised the retail price of petrol in Abuja from N1,030 to N1,060 per litre, and from N998 to N1,025 per litre in Lagos. This price hike has sparked criticism from the Organised Private Sector, Civil Society Organisations, and the general public, as Nigerians continue to experience intermittent fuel crises since May.
While the government has made assurances to address these supply challenges, tangible improvements have yet to materialize.
Meanwhile, the President of the Dangote Group, Alhaji Aliko Dangote, recently stated that his refinery holds over 500 million litres in reserve, inviting marketers to purchase fuel. However, some marketers have reported difficulties in procuring PMS from the refinery.
