Nigerians have been urged to refrain from panic purchase of Premium Motor Spirit popularly known as petrol.
Major petroleum marketers made this known while assuring the public that there is more than enough petrol supply across the country.
The Chief Executive Officer of the Major Energy Marketers Association of Nigeria, Clement Isong, maintained that sufficient stock is available in the tanks of the Dangote Refinery and the Nigerian National Petroleum Company Limited.
Isong added that there is a reliable forecast of future supplies for all petroleum products.
Reacting to perceived tightening in the petroleum supply market, the major energy marketers dismissed speculation that there would be shortage of fuel, affirming to the general public and all stakeholders that there is substantial stocks of products in their tanks.
He added that they have access to considerable stocks in the tanks of their suppliers, including Dangote Refinery and NNPC Trading Limited, along with a reliable forecast of future supplies for all petroleum products.
Isong noted that deregulation enables diligent marketers to plan and secure their supply needs in advance, helping prevent shortages.
Consequently, he stated that MEMAN does not anticipate any petrol scarcity in the immediate or near future.
Encouraging Nigerians to refrain from panic buying, the MEMAN CEO assured them that member companies will continue to optimise their supply and logistics to ensure availability and affordability.
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.
Nigerians have faced recurring fuel crises since May this year for various reasons despite government promises to resolve the situation.
