3 weeks ago
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- Petroleum marketers assure the public that there is an adequate supply of gasoline and warn against panic buying
- Isong asserts that all petroleum products by the NNPC and Dangote refinery have a solid supply prediction for the future
- He also claimed that deregulation enables marketers to foresee and plan ahead for their supply requirements, preventing shortages
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Major petroleum marketers cautioned against panic buying and reassured the public that there is enough supply of petrol.
Source: Getty Images
Clement Isong, the CEO of the Major Energy Marketers Association of Nigeria in a statement issued on Thursday said the Nigerian National Petroleum Company Limited and the Dangote Refinery have plenty of stock in their tanks, according to a statement.
According to Isong, there is a reliable forecast of future supplies for all petroleum products.
“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.No shortages anytime soon
According to Isong, deregulation helps marketers to anticipate and prepare ahead for their supply needs, hence averting shortages.
In light of this, he said, MEMAN does not foresee a shortage of petrol anytime soon.
“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.Assuring Nigerians that member companies will continue to optimise their supply and logistics to ensure availability and affordability, the CEO of MEMAN urged them to avoid panic buying.
“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.Recall 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.
The national oil firm raised the retail price of petrol in Abuja from N1,030 to N1,060 per litre, while in Lagos, the price increased from N998 to N1,025 per litre, sparking widespread criticism from the Organised Private Sector, Civil Society Organisations, and the general public.
Marketers explain why they are not patronising Dangote
Legit.ng reported that despite paying N40 billion to the Nigerian National Petroleum Company Limited (NNPCL), the Independent Petroleum Marketers Association of Nigeria (IPMAN) has claimed its members are unable to load gasoline from the Dangote Refinery in Lagos.
Despite paying N40 billion to the Nigerian National Petroleum Company Limited (NNPCL), the Independent Petroleum Marketers Association of Nigeria (IPMAN) has claimed its members are unable to load gasoline from the Dangote Refinery in Lagos.
Garima said this while responding to the claim by Dangote that marketers were boycotting his refinery to buy imported petrol.
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Source: Legit.ng
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