The Petroleum Products Retail Outlets Owners Association of Nigeria has assured Nigerians that there is no fuel shortage despite recent concerns over panic buying.
The group also urged the Federal Government to review the Petroleum Industry Act to align with industry realities.
PETROAN commended the government and the Nigerian National Petroleum Company Limited for successfully running the revamped Port Harcourt Refinery for 180 days without interruption.
The refinery, which had been inactive for over 20 years, was rehabilitated through a loan from Afreximbank and managed by Tecnimont Nigeria Limited, a subsidiary of Maire Tecnimont Group. It was commissioned in October 2024 and has been operational for six months.
PETROAN praised Tecnimont Nigeria for its professionalism in handling the project and also acknowledged the support of host communities during the rehabilitation process.
“PETROAN wishes to extend special commendation to the Managing Director of Port Harcourt Refining Company, Ibrahim Onoja, for his exceptional leadership, technical expertise, and dedication to ensuring the successful rehabilitation and operation of the refinery,” the association stated.
The association added that the refinery’s operation has helped stabilize fuel supply and reduce the circulation of adulterated diesel and kerosene in the market.
Addressing fears over fuel scarcity, PETROAN dismissed claims that the Dangote Refinery’s temporary suspension of naira sales was responsible for the panic buying.
The association emphasized that Nigeria’s fuel supply is not dependent on Dangote Refinery alone, as NNPCL operates two functional refineries, along with modular refineries and other importers supplying 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 without fear of scarcity, as there is no shortage of petroleum products,” PETROAN said.
It assured the public that the Federal Government, Ministry of Petroleum, and regulatory agencies are working to ensure a steady supply of petroleum products across the country.
PETROAN also called for a comprehensive review of the Petroleum Industry Act (PIA) to address challenges in the sector, attract more investments, and improve efficiency.
The group supported the government’s decision to let market forces determine fuel prices, arguing that a competitive market will prevent monopolies, encourage innovation, and ensure fair pricing for consumers.
