The Major Energies Marketers Association of Nigeria (MEMAN) assured Nigerians on Thursday that there is no need for panic buying, as its members have substantial fuel reserves to meet the nation’s demands.
MEMAN’s CEO, Clement Isong, made this statement amid reports of fuel queues resurfacing in parts of the country following remarks from Alhaji Aliko Dangote, President of Dangote Group, regarding the nation’s fuel supply.
Isong’s response came in light of Dangote’s recent announcement after his meeting with President Bola Tinubu, during which Dangote noted that his refinery holds a stock of 500 million liters yet to be lifted by marketers.
He emphasized that this stock alone could meet Nigeria’s fuel consumption needs for 12 days, even if no other production or import took place.
In addressing concerns of “a perceived tightness in the petroleum supply market,” MEMAN assured that its members have “significant stock of products in our tanks and/or access to significant stock of products in the tanks of our suppliers,” which include Dangote Refinery and NNPC Trading Limited.
The association also highlighted their robust supply pipeline and clear visibility on future stocks to meet demand.
MEMAN encouraged the public to avoid unnecessary panic buying, explaining that the diversified supply sources and deregulation of the market have enabled diligent planning and efficient logistics by marketers.
“We urge the public not to panic-buy petroleum products, as our supply efficiency continues to improve,” MEMAN stated, adding that the association is committed to maintaining high levels of availability, accessibility, and affordability in the fuel market.
