Marketers break silence on gasoline shortages and talk about panic buying

• Oil marketers are assuring the public that there is enough gasoline available and warning against panic buying.
• Isong maintains that all petroleum products produced by NNPC and the Dangote Refinery have a firm future supply outlook.
• He also said deregulation allows marketers to anticipate and plan ahead for their supply needs, preventing shortages.

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

Major oil traders are warning against panic buying and assuring the public that gasoline supplies are sufficient.

Clement Isong, Director General of the Major Energy Marketers Association of Nigeria, in a statement issued on Thursday, said the Nigerian National Petroleum Company Limited and Dangote Refinery have sufficient oil reserves in their 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 perceived 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.

There will be no shortage in the near future

According to Isong, deregulation helps marketers anticipate and prepare for their supply needs in advance, 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.

While assuring Nigerians that member companies would continue to streamline their supplies and logistics to ensure availability and affordability, the MEMAN CEO 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.

Recall that following the NNPC hike in petrol prices across the country on Tuesday, long queues were observed at its outlets in Lagos and Abuja on Wednesday.

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

Marketers explain why they don’t patronize Dangote

legit.ng has reported that despite paying N40 billion to the Nigerian National Petroleum Company Limited (NNPCL), the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said its members are unable to load petrol 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 said its members are unable to load petrol 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.

Source: Legit.ng