Marketers break silence on gasoline shortages and talk about panic buying

• Oil marketers reassured the public that there was plenty of gasoline available and warned against panic buying.
• Marketers noted that all petroleum products produced by NNPC and Dangote Refinery have a firm supply outlook for the future.
• They added that deregulation allows marketers to anticipate and plan for their supply needs, preventing shortages.

Legit.ng journalist Zainab Ivayemi has five years of experience in economics, technology and capital markets.

Main oil Marketers are warning against panic buying and reassuring the public that there is plenty of gasoline available.

In a statement released on Thursday, October 31, 2024, Clement Isong, CEO of the Association of Major Energy Marketers Nigeriasaid Nigerian National Petroleum Company Limited and the Dangote refinery has plenty of reserves in its tanks.

According to Isong, there is a reliable forecast for the future supply of all petroleum products.

“In light of several press inquiries regarding the expected tightening of oil supply market conditions, the Major Energy Marketers Association of Nigeria wishes to assure the general public and all stakeholders that we have significant product inventories in our tanks and/or access to significant stocks in our suppliers’ tanks (including Dangote Refinery and NNPC Trading Limited), as well as a reliable forecast of future supplies of all petroleum products,” the statement said.

This comes after Nigerians complained of fuel shortages at some petrol stations following reports of an increase in petrol prices in some parts of the country.

Yekini Ayomi has explained how she was forced to patronize the black market fuel due to long queues at the petrol station.

She said:

“Queues are something else these days. In fact, I had to look for fuel when I saw long lines of cars at different gas stations.”

There will be no shortage in the near future

According to Isong, deregulation helps marketers anticipate and prepare for their supply needs, thereby preventing shortages.

In light of this, he said MEMAN does not foresee a gasoline shortage any time soon.

“The benefit of a diversified supply chain and deregulation is that diligent marketers can plan ahead and meet supply needs, making necessary adjustments to prevent product shortages.

“MEMAN does not expect any disruption to the supply of petroleum products in the foreseeable future,” he said.

The MEMAN CEO assured Nigerians that member companies would continue to streamline their supplies and logistics to ensure affordability and affordability, and 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 optimization progresses.

“MEMAN members will continue to maximize the efficiency of their supply and logistics to ensure the highest levels of availability, availability and affordability for their customers in an increasingly competitive environment,” he concluded.

Let us recall that after NNPC increased gasoline pricescrossing the country on Tuesday, long queues were observed at its outlets. Lagos and Abuja on Wednesday.

The National Oil Company raised the retail price of gasoline. Abuja from N1,030 to N1,060 per litre, while in Lagos the price increased from N998 to N1,025 per litre, drawing widespread criticism from the organized private sector, civil society organizations and the general public.

Marketers explain why they don’t patronize Dangote

Legit.ng previously reported that despite the payment of N40 billion to NNPCL, the Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that 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 editor of Legit.ng.

Source: Legit.ng