“We See No Reason For The Threat Of Panic Buying” – PETROAN Dismisses Fuel Scarcity Fears

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged Nigerians to remain calm and avoid panic buying despite concerns surrounding the naira-for-crude deal between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).

Addressing the growing speculation, PETROAN dismissed claims that Dangote Refinery’s suspension of naira-based crude oil transactions was responsible for the recent surge in fuel purchases.

“We wish to reassure the public that this is not a justification for panic buying. The Nigerian National Petroleum Company Limited (NNPC) has two functional refineries, and there are other modular refineries, as well as importers, that are also supplying petroleum products to the market.

“Therefore, we see no reason for the threat of panic buying. We urge Nigerians to remain calm and go about their normal activities, as there is no shortage of petroleum products,” PETROAN stated.

The association further emphasized that the federal government, the Ministry of Petroleum Resources, and regulatory agencies are fully committed to maintaining a steady supply of petroleum products across the country.

Speaking on behalf of PETROAN, National Public Relations Officer Joseph Obele reaffirmed the association’s stance on strengthening local production. “We believe that promoting local production will not only guarantee energy security but also create jobs and stimulate economic growth,” he said.

However, PETROAN acknowledged that relying solely on domestic refineries may not be sufficient to meet the nation’s fuel demands.

To ensure market stability, the association supports keeping the importation window open. “This will not only sustain the supply of petroleum products but also foster healthy competition and keep prices stable,” Obele explained.

On the issue of the naira-for-crude initiative, PETROAN clarified that the policy has not been scrapped but is currently under review following the conclusion of its six-month test phase.

“We understand that the Ministry is still considering the feasibility and sustainability of the naira-for-crude initiative. We urge the Ministry to continue its deliberations, taking into account the interests of all stakeholders, including petroleum products retailers, to ensure that any policy decisions align with the nation’s economic goals,” Obele stated.

Reiterating its commitment to supporting government efforts in ensuring energy security, PETROAN urged Nigerians to disregard unfounded fears of fuel scarcity and continue their daily activities without anxiety.