The Major Energies Marketers Association of Nigeria (MEMAN) expresses deep concern regarding the strike initiated by the National Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers (PTD), commencing today, February 19, 2024.

MEMAN seeks to clarify that there is no existing conflict between its members and the transport unions. Individual marketers engage in ongoing discussions with their transporters to establish fair rates, ensuring strict adherence to both the Petroleum Industry Act and the FCCPC Act. These regulations explicitly prohibit the joint establishment of rates, underscoring the commitment to fair and transparent business practices.

The current deregulation of pump prices is geared towards fostering healthy competition within the industry. This approach encourages the implementation of cost-reduction measures, ultimately providing enhanced value to customers. However, MEMAN emphasizes that this process is gradual and necessitates time for full price recovery and the establishment of a competitive market.

In light of the challenging economic environment, all stakeholders, including operators and government agencies, are urged to collaborate effectively to optimize the supply chain, ensuring affordability for consumers. MEMAN and its members acknowledge the intricacies of the industry and pledge to work towards sustainable solutions in close cooperation with relevant stakeholders.

The Major Energies Marketers Association of Nigeria (MEMAN) remains committed to navigating the complexities of the energy sector responsibly and fostering an environment that prioritizes the welfare of all stakeholders involved.