Fuel price: PETROAN cautions Nigerians against panic buying

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has cautioned Nigerians against panic buying amid uncertainty over the continuation of the naira-for-crude sale deal between Dangote Refinery and the Nigerian National Petroleum Company Limited, NNPCL.

The spokesperson of PETROAN, Joseph Obele, made this known in a statement on Tuesday.

This comes amid concerns over panic buying of petroleum products by motorists in recent days following Dangote Refinery’s announcement on Wednesday that it was suspending the sale of petroleum products in naira.

Reacting to the development, PETROAN stated that Dangote Refinery’s decision to halt sales in naira should not trigger panic buying, as the country relies on other refineries and imports.

The association also urged the federal government to continue its naira-for-crude deal with Dangote Refinery.

“The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has observed with concern the recent tension and panic buying of petroleum products across the country.

“PETROAN has also noted reports circulating in the media that the temporary suspension of sales in naira by Dangote Refinery is the reason for the panic buying. We wish to reassure the public that this is not a justification for panic buying.

“The Nigerian National Petroleum Company Limited, NNPCL, has two functional refineries, and there are other modular refineries, as well as importers, that also supply 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.

“We wish to reassure the general public that the tension leading to panic buying is baseless. The federal government, the Ministry of Petroleum, and regulatory agencies are committed to ensuring a seamless supply of petroleum products to meet the demands of Nigerians,” PETROAN stated.

The National President of PETROAN, Billy Gillis Harry, also opposed the sale of petroleum products or any other goods within Nigeria in foreign currency.

“We believe that such a practice would have an adverse impact on 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.

Billy Harry advocates for the evaluation and review of the Petroleum Industry Act, PIA, to examine necessary adjustments that will ensure the act aligns with the current realities of the petroleum industry.

“We believe that a comprehensive review of the PIA will provide opportunities to address emerging challenges, promote investment, and enhance the overall efficiency of the petroleum sector,” he said.