The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have declared their support for President Bola Tinubu’s pronouncement to phase out the petrol subsidy regime.
The marketers gave their support in a joint statement issued on Tuesday in Lagos.
According to them, the associations appreciate the clarity of policy from the Tinubu administration.
They said that the policy showed a direction that signals a courageous and pragmatic shift in the nation’s economic trajectory.
“In light of the assurances given by the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), we wish to reiterate that there is no cause for alarm.
“We strongly urge Nigerians to avoid panic buying or stockpiling of petrol.
“This behaviour not only creates artificial scarcity but also poses a significant safety hazard,” the marketers said.
The marketers said that NNPCL had assured Nigerians of adequate fuel supply and the NMDPRA had been 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 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,” they said.
The marketers said such investment symbolise a 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 which constitutes 80 per cent of the pump price,” they said.
The marketers said, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, would manage these distribution costs diligently to minimise their impact on the pump price.
The marketers said that the pronouncement showed clarity of policy, saying, “we have asked 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,” they said.
The marketers lauded President Tinubu for his bold vision and position on fuel subsidy and noted that they stand ready to collaborate with his administration to promote greater economic equality and prosperity for all Nigerians.