Petroleum marketers, represented by the Major Energies Marketers Association of Nigeria (MEMAN), reassured Nigerians on Thursday that they currently hold ample fuel supplies to meet demand, urging the public not to engage in panic buying.
This assurance comes amidst growing fuel queues in certain areas, following recent comments by Alhaji Aliko Dangote, President of Dangote Group. Speaking after a meeting with President Bola Tinubu at the presidential villa, Dangote discussed the naira-for-crude policy, revealing that 500 million litres of fuel remain in storage but have yet to be distributed by marketers. He stated, “At full capacity, we can meet all of Nigeria’s demand. With the current consumption rate at an estimated 30-32 million litres, we’re prepared to start production by next week if needed.”
Dangote emphasized that the 500 million litres currently in storage alone could sustain Nigeria’s fuel needs for approximately 12 days, even if no additional fuel was produced or imported.
In response to public concerns regarding possible fuel shortages, MEMAN assured Nigerians that they have sufficient stock of petroleum products in their storage facilities and have secured access to further supplies from partners, including Dangote Refinery and NNPC Trading Limited. The association noted, “We have a clear line of sight on future supplies for all petroleum products, ensuring stability in the supply chain.”
MEMAN highlighted the advantages of a diversified and deregulated supply framework, explaining that forward planning and strategic procurement by diligent marketers would help prevent any fuel scarcity. “Our approach to supply and logistics is optimized, allowing us to make proactive adjustments and maintain an uninterrupted flow of products,” MEMAN stated. “We do not foresee any shortages in the near term.”
The association urged the public to avoid panic buying, assuring that their logistics efficiencies would only improve with time. “Our members are committed to refining supply and logistics efficiencies to ensure maximum product availability, accessibility, and affordability for customers in this competitive market,” MEMAN concluded.
