PETROAN dismisses panic buying fears, urges Nigerians to remain calm

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged Nigerians to avoid panic buying of petroleum products, dismissing concerns over supply disruptions.

In a Tuesday statement, PETROAN’s spokesman, Joseph Obele, refuted claims that the temporary suspension of Naira sales by Dangote Refinery was responsible for the rush.

“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,” the statement emphasized.

PETROAN described the growing anxiety as baseless, assuring that the government, petroleum ministry, and regulatory agencies are committed to maintaining a seamless supply of petroleum products.

While acknowledging that local production alone may not fully meet national demand, PETROAN advocated for keeping the importation window open to sustain supply, encourage competition, and stabilize fuel prices.

PETROAN’s national president, Billy Gillis-Harry, also reiterated the association’s opposition to selling petroleum products in dollars, warning that such a practice could destabilize the economy and intensify inflation.

“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 stated.

Gillis-Harry further called for a review of the Petroleum Industry Act, ensuring it aligns with the evolving dynamics of the industry.