MEMAN assures public of steady petroleum supply amid market concerns

By Esther Agbo

In response to rising concerns about a potential shortage in the petroleum supply market, the Major Energies Marketers Association of Nigeria (MEMAN) has issued a statement to reassure the public and stakeholders of the availability of petroleum products.

The CEO of MEMAN, Clement Isong, emphasized that the association and its members have robust product reserves stored in their facilities and access to additional supplies from key partners, including the Dangote Refinery and NNPC Trading Limited. “we have significant stocks of products in our tanks and/or access to significant stocks of products in the tanks of our suppliers and a clear line of sight on future supplies for all petroleum products,” he stated, addressing recent inquiries about perceived supply tightness.

MEMAN credits the diversification of supply sources and the deregulated market environment for its ability to anticipate and proactively manage supply needs. “diligent marketers can plan and book in advance for their supply needs and make adequate adjustments and alternative arrangements in advance to avoid product outages,” Isong noted, emphasizing that no interruptions are expected in the immediate future.

The organization also urged Nigerians to refrain from panic-buying, highlighting that MEMAN’s supply and logistics optimization measures are progressively improving. The association assured the public of its commitment to maintaining high levels of product availability for consumers.

“MEMAN members shall continue to do all within their power to optimize their supply and logistics costs and efficiency to ensure the highest level of availability, accessibility and affordability for their customers in the increasingly competitive environment,” Isong affirmed.