Marketers want NNPC petrol supply monopoly broken, await Dangote refinery
Oil marketers in Nigeria have called for continued supply of petrol amid the resurgence of queues at many filling stations in parts of the country, even as they await the commencement of operations at recently inaugurated Dangote refinery.
The Major Oil Marketers Association of Nigeria and the Depot and Petroleum Marketers Association of Nigeria, in a joint statement on Tuesday, applauded and endorsed the pronouncement by President Bola Tinubu on the phase-out of the petrol subsidy regime.
“We appreciate the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic shift in our nation’s economic trajectory,” they said.
Petrol queues resurfaced in Lagos and several parts of the country on Monday following the statement by the new President that “subsidy is gone”.
“We strongly urge Nigerians to avoid panic buying or stockpiling of petrol. This behavior not only creates artificial scarcity but also poses a significant safety hazard,” the marketers said.
They noted that the Nigerian National Petroleum Company Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority had assured Nigerians of adequate fuel supply and “the NMDPRA is working closely with stakeholders to ensure a seamless transition”.
“They are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country,” the associations said.
They said: “The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride toward social justice. We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare. These investments symbolize our shared future, promising considerable, long-term benefits for all Nigerians.
“We understand the concerns regarding potential price increases. However, we expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently. We anticipate minimal changes regarding distribution costs, considering the cost of the product constitutes 80% of the pump price. We pledge, in collaboration with the Nigerian Association of Road Transport Owners and other crucial stakeholders, to manage these distribution costs diligently to minimize their impact on the pump price.
“Considering this clarity of policy, we ask our suppliers to continue supplying products to all legitimate marketers. We also urge all stations to remain open and avoid hoarding products. We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in a bid to diversify the source of petroleum products and enhance market competition.
“MOMAN and DAPPMAN will maintain open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period. We are prepared to support any measures from the Government that would help cushion the impact on the populace.”
