Oil marketers to Nigerians: Avoid panic buying of petrol… we have sufficient stocks

The Major Energies Marketers Association of Nigeria (MEMAN) has assured the public of sufficient petroleum products.

Clement Isong, chief executive officer (CEO), in a statement on Thursday in Lagos, urged Nigerians against panic buying due to perceived shortages in the petroleum supply market.

“MEMAN assures the public and all stakeholders that we have significant stocks of products in our tanks and access to supplies from our partners, including Dangote Refinery and NNPC Trading Limited,” Isong said.

“We also have a clear outlook on future supplies of all petroleum products.”

He also said the diversification of supply and market deregulation enabled diligent marketers to plan and secure their supply needs in advance, minimising the risk of outages.

According to Isong, MEMAN does not foresee any disruptions in the availability of petroleum products either in the immediate future or near term.

Isong reiterated the importance of avoiding panic buying, adding that supply efficiency was improving, and logistics operations were being optimised.

He also assured that members of the association are committed to optimising their supply chains to ensure the highest levels of availability, accessibility, and affordability for consumers in an increasingly competitive environment. 

On October 29, Aliko Dangote, chairman of Dangote Group, blamed the persistent shortages and long queues at filling stations across Nigeria on the failure of marketers to lift petrol from his refinery.

According to Dangote, his refinery had over 500 million litres to end scarcity. 

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said its members were unable to load petrol from the Dangote refinery for days.

Abubakar Garima, IPMAN’s president also said members are not importing petrol as claimed by Dangote.