The Petroleum Products Retail Outlets Owners Association of Nigeria has cautioned the public against panic buying of petroleum products across the country.

The association also dismissed the insinuation that the temporary suspension of sales in Naira by Dangote Refinery was the reason for the panic buying.

Joseph Obele, PETROAN’s spokesman, said this in a statement on Tuesday.

According to the statement, there should be no threat of panic buying regarding the supply of petroleum products by functional NNPCL 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.

“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,” the association said.

It noted that “the tension leading to panic buying is baseless.”

PETROAN said the government, the petroleum ministry and regulatory agencies were committed to ensuring a seamless supply of petroleum products to meet the demands of Nigerians.

“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,” PETROAN said.

PETROAN’s national president, Billy Gillis-Harry, had earlier revealed the association’s opposition to selling petroleum products or any other products within Nigeria in dollars.

Mr Gillis-Harry said such a practice would adversely impact the economy, bringing undue pressure on 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.

Mr Gillis-Harry advocated for the evaluation and review of the Petroleum Industry Act to examine necessary adjustments to ensure that it aligns with the current of the petroleum industry. 

(NAN)