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 decision to phase out the petrol subsidy regime.
In a joint statement issued on Tuesday in Lagos, they said that in light of the assurances given by the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), they said that there is no cause for alarm.
They strongly urged Nigerians to avoid panic buying or stockpiling of petrol as the behaviour not only creates artificial scarcity but also poses a significant safety hazard
They noted that the NNPCL had assured Nigerians of adequate fuel supply and that the NMDPRA are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country.
The associations said that the decision to phase out the fuel subsidy regime is not merely a fiscal reform but a significant stride toward social justice.
They expressed happiness that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare.
According to them, this symbolises a shared future, promising considerable, long-term benefits for all Nigerians.
They also understand the concerns regarding potential price increases but they expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently
MOMAN and DAPPMAN also declared that they will maintain an open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period.
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