MEMAN assures public of sufficient petroleum supply amid market concerns

In response to recent concerns over a perceived tightness in the petroleum supply market, the Major Energies Marketers Association of Nigeria (MEMAN) has assured the public and stakeholders that the nation’s fuel reserves remain stable.

MEMAN confirmed in a statement signed by its Chief Executive Officer (CEO), Clement Isong, on Wednesday that it has significant stocks of petroleum products in storage, with further access to reserves from key suppliers such as Dangote Refinery and NNPC Trading Limited.

This comes after President of Dangote Group, Aliko Dangote, said that marketers are not collecting available products from the refinery to help ease petrol queues, even though the facility has over 500 million litres of Premium Motor Spirit (PMS) in reserve.

The association noted that these reserves provide ample coverage for immediate and near-term demand, emphasising that there is no foreseeable risk of fuel shortages.

To further alleviate concerns, MEMAN urged the public to avoid panic-buying, noting that recent improvements in supply chain efficiency and logistics optimisation setting in are contributing to a smoother distribution process nationwide.

“The benefit of diversification of supply and deregulation is that diligent marketers can plan and book in advance for their supply needs and make adequate adjustments and alternative arrangements in advance to avoid product outages. MEMAN does not envisage any outages of petroleum products in the immediate future or in the near term.

“MEMAN members shall continue to do all within their power to optimise their supply and logistics costs and efficiency to ensure the highest level of availability, accessibility and affordability for their customers in the increasingly competitive environment,” he said.