Petrol: Marketers urge against panic buying as Dangote denies receiving payment from IPMAN for products

Major Energies Marketers Association of Nigeria (MEMAN) has urged Nigerians to avoid panic buying of petrol, assuring them of sufficient petroleum products for the consumers.

However, Dangote Petroleum Refinery said it has not received any payment from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

In a statement, yesterday, the Chief Executive Officer (CEO) of MEMAN, Clement Isong, advised Nigerians against panic buying due to perceived shortages in the petroleum supply market.

“MEMAN assures the public and all stakeholders that we have significant stocks of products in our tanks and access to supplies from our partners, including Dangote Refinery and NNPC Trading Limited,” Isong said. “We also have a clear outlook on future supplies of all petroleum products.”

He also said the diversification of supply and market deregulation enabled diligent marketers to plan and secure their supply needs in advance, minimising the risk of outages.

According to Isong, MEMAN does not foresee any disruption in the availability of petroleum products either in the immediate future or near term.

Reiterating the importance of avoiding panic buying, he noted that supply efficiency was improving, and logistics operations were being optimised.

MEMAN also assured that members of the association were committed to optimising their supply chains to ensure the highest levels of availability, accessibility and affordability for consumers in an increasingly competitive environment.

On October 29, 2024, the President of Dangote Group, Aliko Dangote, blamed the persistent shortages and long queues at filling stations across Nigeria on the failure of marketers to lift petrol from his refinery.

According to him, the refinery had over 500 million litres in its tanks, which can end scarcity.

But IPMAN said its members were unable to load petrol from the Dangote refinery for days.

Dangote’s Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed that although discussions were ongoing with IPMAN, it was misleading to suggest that IPMAN members were experiencing difficulties loading refined products from the refinery.

He stated, “We have no direct business dealings with them. Consequently, we cannot be held responsible for any payment made to other entities.

“The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL neither approved nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.”

Emphasising that the refinery could meet the country’s demand for all petroleum products, including petrol, diesel and aviation fuel, he noted, “At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payments, as we have more than enough petroleum products to satisfy the needs of its members.

“Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of President Tinubu. Conducting business through public speculation is counter-productive and unpatriotic.”

The firm encouraged all stakeholders to collaborate and heed the President’s advice while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.