The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed concern over the recent panic buying of petroleum products across the country.
The association reassured Nigerians that there is no justification for the current tension, as the petroleum supply remains stable.
In a statement signed by its National Public Relation Officer, Dr. Joseph Obele, PETROAN refuted claims that the temporary suspension of Naira sales by Dangote Refinery was responsible for the panic buying.
The association emphasized that the Nigerian National Petroleum Company Limited (NNPCL) has two functional refineries, in addition to modular refineries and independent importers, all contributing to petroleum supply in the country.
“We see no reason for panic buying. We urge Nigerians to remain calm and go about their normal activities, as there is no shortage of petroleum products,” the statement read.
PETROAN reaffirmed its commitment to local petroleum production, noting that it would enhance energy security, create jobs, and boost economic growth.
However, the association acknowledged that local production alone may not fully meet the country’s demand and, therefore, supported the continued importation of petroleum products to ensure stability, competition, and fair pricing.
The association urged the Federal Government, the Ministry of Petroleum Resources, and regulatory agencies to sustain policies that guarantee an uninterrupted fuel supply. It also called for a review of the Petroleum Industry Act (PIA) to align it with the current realities of the sector.
Regarding the Naira-for-Crude initiative, PETROAN clarified that the six-month test run of the policy had ended and was now under review. The association dismissed reports of its termination, stating that the government was assessing its feasibility and sustainability.
“We understand that the Ministry is still considering the interests of all stakeholders, including petroleum retailers, to ensure that any policy decisions align with national economic goals.”
Addressing concerns about foreign currency transactions in the petroleum sector, PETROAN’s National President, Dr. Billy Gillis-Harry, firmly opposed the sale of petroleum products in dollars within Nigeria.
He warned that such a move would put undue pressure on the foreign exchange market and worsen inflation.
“We urge the government to ensure that all transactions within the country are conducted in Naira to protect the economy and the welfare of Nigerians.”
PETROAN also commended the Federal Government’s decision to allow market forces to determine fuel pricing, emphasizing that this approach would encourage competition and innovation while preventing monopolies.
The association reassured Nigerians of its commitment to advocating for policies that promote stability, affordability, and efficiency in the petroleum sector.
