The Major Oil Marketers Association of Nigeria on Wednesday advised Nigerians against panic buying of petrol, noting that there was enough stock to meet in-country demand.
Clement Isong, Executive Secretary, MOMAN, gave the advice in an interview with the News Agency of Nigeria in Lagos while reacting to the emergence of queues in some petrol stations in some parts of the country.
Isong said: “Crude oil prices at above $60 per barrel have only just returned to pre-COVID-19 levels through limiting supply by OPEC (Organisation of Petroleum Exporting Countries) and it is not clear if crude oil prices can be sustained at this level.
“The Nigerian National Petroleum Corporation, through the Direct Sale-Direct Purchase programme has enough stock in-country and in vessels to meet Nigeria’s consumption needs.
“Surges in local demand created by price uncertainty and panic buying are likely to cause queues as the supply chain struggles to meet the increased demand.
“Having said that, a lot of the increased demand is probably short term and will regularise once speculations and market distortions are eliminated.
“We, therefore, discourage panic buying as Pipeline and Product Marketing Company has reassured that there is enough product in-country to meet Nigeria’s local demand.”
Isong also lauded the recently introduced call up system in Apapa Port, Lagos, stressing that its implementation would affect supply of petroleum products positively.
He said: “Technology and innovation well thought through and implemented is always good in any business.
“The call up system in Apapa should help reduce the operational inefficiencies and traffic gridlock in Apapa.
“For it to succeed, the process has to be participative and inclusive, with the full buy-in of all stakeholders.”