Lagos, Nigeria – October 31, 2024

Amid rising concerns over fuel scarcity, the Major Energy Marketers Association of Nigeria (MEMAN) has assured the public that fuel supplies remain sufficient and that no immediate shortages are anticipated. In a Thursday statement, MEMAN CEO Clement Isong stressed that there is a robust stock of petroleum products available through both Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). He urged Nigerians to avoid panic buying, as the supply chain remains steady.

“MEMAN assures the public and all stakeholders that we have substantial stock in our tanks and reliable forecasts for future supplies,” Isong stated, pointing to deregulation as a key factor in securing reliable petroleum supplies. “The advantage of a diversified supply chain is that it allows diligent marketers to plan and secure supply needs in advance,” he added, confirming that MEMAN foresees no disruption in petrol availability.

Despite recent price hikes by NNPCL, with petrol reaching N1,060 per liter in Abuja and N1,025 in Lagos, MEMAN emphasized that member companies continue to optimize supply logistics to ensure affordability and accessibility. This comes after reports of long queues at NNPC retail outlets in major cities.

Alhaji Aliko Dangote, President of the Dangote Group, announced that over 500 million liters of petrol are available at his refinery, inviting marketers to restock. Yet, some independent marketers noted challenges in purchasing from Dangote, underscoring persistent supply chain issues.

As Nigerians contend with ongoing fuel price increases and intermittent scarcity since May, MEMAN’s statement aims to allay fears, emphasizing the resilience of its supply network.