Fuel subsidy removal :  Stop panic buying, MOMAN tells Nigerians

Fuel subsidy removal :  Stop panic buying, MOMAN tells Nigerians

…Promises constant supply of product 

The Major Oil Marketers Association of Nigeria, MOMAN, as well as Depot and Petroleum Marketers Association of Nigeria, DAPPMAN are urging Nigerians to stop panic buying, following the pronouncement on subsidy removal by the Federal Government.

The Oil Marketers gave the masses
assurance that Petroleum products are available across the country and will be supplied constantly.

These details formed part of a joint press statement released by both organisations, saying
minimal changes in petrol pump price, in line with the distribution and product cost are anticipated.

The statement reads: “With the assurances given by Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),
“We wish to reiterate that there is no cause for alarm. We strongly urge Nigerians to avoid panic buying or stockpiling of petrol in their homes.

” This behaviour not only creates artificial scarcity in the system but also poses a significant safety hazard.

“NNPCL has assured Nigerians of adequate fuel supply and the NMDPRA is working closely with stakeholders to ensure seamless transition.

“They are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country.

“The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride toward social justice. We are heartened that the administration plans to redirect these substantial funds towards essential public goods, such as infrastructure, education sector development and healthcare.

” These investments symbolize our shared future, promising considerable long-term benefits for all Nigerians.

“We understand the concerns regarding potential price increases. However, we expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently.

“We anticipate minimal changes regarding distribution costs, as the cost of the product constitutes 80 percent of the pump price.

“We pledge, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, to manage these distribution costs diligently, in order to minimize their impact on the pump price.

“Considering this clarity of policy, we ask our suppliers to continue supplying products to all legitimate marketers. We also urge all stations to remain open and avoid hoarding products.

“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier, in a bid to diversify the source of petroleum products and enhance market competition.

“MOMAN and DAPPMAN will maintain open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period. We are prepared to support measures from the government that would help cushion the impact on the masses”.