Major petroleum marketers have cautioned against panic buying and reassured the public that there was enough supply of petrol.
In a statement issued on Thursday, October 31, 2024, Clement Isong, the CEO of the Major Energy Marketers Association of Nigeria, said the Nigerian National Petroleum Company Limited and the Dangote Refinery have plenty of stock in their tanks.
According to Isong, there is a reliable forecast of future supplies for all petroleum products.
According to Isong, deregulation helps marketers anticipate and prepare for their supply needs, hence averting shortages.
In light of this, he said, MEMAN does not foresee a petrol shortage anytime soon.
The CEO of MEMAN assured Nigerians that member companies will continue to optimise their supply and logistics to ensure availability and affordability and urged them to avoid panic buying.
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.
TimesNow.com.ng earlier reported that despite paying N40 billion to the NNPCL, the Independent Petroleum Marketers Association of Nigeria (IPMAN) claimed its members could not load gasoline from the Dangote Refinery in Lagos.
Garima said this while responding to Dangote’s claim that marketers were boycotting his refinery to buy imported petrol.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
