Marketers warns Nigerians: Stop panic buying of petrol, there’s no shortage

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned Nigerians against panic buying of petrol across the country.

PETROAN also dismissed insinuation that the temporary suspension of sales in naira by Dangote refinery was the reason behind the panic buying of petrol in the country.

The National Public Relations Officer of PETROAN, Dr Joseph Obele, made this known via a statement on Tuesday, March 25, 2025.

Obele said there should be no threat of panic buying in view of the supply of petroleum products by functional refineries of the Nigerian National Petroleum Company Limited (NNPC Limited) and modular refineries and importers.

He stated: “We wish to reassure the public that this is not a justification for panic buying. The NNPC Limited 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.”

Obele reassured the general public that “the tension leading to panic buying is baseless”.

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He said the federal government, the Ministry of Petroleum Resources, and regulatory agencies were committed towards ensuring a seamless supply of petroleum products to meet the demands of Nigerians.

The PETROAN spokesman added: “We believe that promoting local production will not only guarantee energy security but also create jobs and stimulate economic growth.

“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.”

On naira-for-crude initiative, Obele said the test run duration of six months had ended, noting that the federal government was reviewing the policy to determine its future.

Obele noted that contrary to reports, the policy was not terminated rather undergoing a review after the initial test run period.

He said: “We understand that the ministry is still considering the feasibility and sustainability of the naira-for-crude initiative.

“We urged the ministry to continue its deliberations, taking into account the interests of all stakeholders, including petroleum products retailers, to ensure that any policy decisions align with the nation’s economic goals.”

The Star