The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has cautioned the public against panic buying of petroleum products across the country.
Dismissing insinuation that the temporary suspension of sales in naira by Dangote Refinery is the reason behind panic buying of petroleum products in parts of Nigeria, Dr Joseph Obele, National Public Relations Officer, PETROAN, said there should be no threat of scarcity and therefore panic buying, in view of the supply of petroleum products by functional refineries of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and modular refineries and importers.
“We wish to reassure the public that this is not a justification for panic buying. The NNPC Ltd. has two functional refineries, and there are other modular refineries, as well as importers, that are also supplying petroleum products to the market,” he said in a statement on Tuesday – yesterday, March 25.
“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.”
Obele stressed that “the tension leading to panic buying is baseless,” assuring the general public that the Federal Government, Ministry of Petroleum Resources and regulatory agencies are committed to ensuring a seamless supply of petroleum products to meet the demands of Nigerians.
“We believe that promoting local production will not only guarantee energy security but also create jobs and stimulate economic growth.
“However, the petroleum marketing body recognised that local production alone may not be sufficient to meet the country’s demand for petroleum products, and thus supports the position that the window for importation of petroleum products should remain open.
“This will ensure that the country has a stable and sustainable supply of petroleum products, while also promoting competition and keeping prices in check.
“We urge Nigerians to remain calm and go about their normal activities without fear of scarcity,” he said.
On the Naira-for-Crude initiative, Obele said the test run duration of six months had ended, and the federal government is reviewing the policy to determine its future.
Obele noted that contrary to reports, the policy was not terminated but is rather undergoing a review after the initial test run period.
“We understand that the ministry is still considering the feasibility and sustainability of the Naira-for-Crude initiative,” he said.
“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.’
The National President of the association, Dr Billy Gillis-Harry had earlier revealed PETROAN’S opposition to the sale of petroleum products or any other products within Nigeria in dollars.
Gillis-Harry said that such a practice would have an adverse impact on the economy, bringing undue pressure on the foreign currency and exacerbating Nigeria’s already challenging inflationary situation.
“We urge the government to ensure that all transactions within the country are conducted in the local currency, the Naira, to protect the economy and the welfare of Nigerians.” he said.
Billy Harry advocated the evaluation and review of the Petroleum Industry Act (PIA), to examine necessary adjustments to ensure that it aligned with the current of the petroleum industry.
