The Nigerian Midstream and Downstream Petroleum Regulatory Authority has moved to reassure the public of adequate petroleum product supplies, warning against panic buying and hoarding as the festive season approaches. In a statement, the Authority’s Director of Public Affairs, George Ene-Ita, emphasized that the country has sufficient stocks of petroleum products, including diesel, petrol, and LPG, to meet demand.
The regulatory body attributes the robust supply to a combination of local refinery production and imports, ensuring that storage depots and retail stations remain well-stocked. As a result, the Authority is advising against any form of hoarding or panic buying, which could lead to unnecessary price increases. The NMDPRA will closely monitor the supply situation, taking regulatory measures as needed to prevent disruptions in the distribution of petroleum products across the country.
The assurance comes as the country prepares for the festive period, typically characterized by high demand for petroleum products. The NMDPRA appreciates the efforts of stakeholders in the midstream and downstream value chain, who have contributed to ensuring a smooth and uninterrupted supply and distribution of petroleum products. The public can be assured of the Authority’s commitment to guaranteeing energy security, a critical component of the country’s economic stability.
The NMDPRA’s warning against price manipulation and hoarding is particularly significant, given the potential for artificial shortages and price hikes during periods of high demand. By emphasizing the availability of sufficient petroleum products, the Authority aims to prevent such practices and maintain price stability. As the festive season progresses, the NMDPRA will continue to play a critical role in ensuring that the supply and distribution of petroleum products remain uninterrupted, supporting the country’s economic activities and the well-being of its citizens. With its commitment to energy security, the Authority is working to provide a stable foundation for Nigeria’s economic growth and development.
