Petroleum marketers allay fuel scarcity fears…caution against panic buying

Major petroleum marketers have allayed fears of fuel scarcity, assured the public of sufficient supply and cautioned against panic buying.

The Chief Executive Officer of the Major Energy Marketers Association of Nigeria, Clement Isong, who stated this in a statement on Thursday, disclosed that there was adequate stocks of petroleum products in the tanks of the Dangote Refinery and the Nigerian National Petroleum Company Limited.

“In the 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 expressed delight that deregulation had made it easy for diligent marketers to plan and secure their supply needs in advance, which prevent shortages.

He, therefore, noted that MEMAN did not anticipate any petrol scarcity now and even in future.

“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 said.

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

Isong who advised Nigerians to jettison panic buying, assured them that member companies would continue to optimise their supply and logistics to ensure availability and affordability of the product.

“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,” Isong said.

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