The Major Energy Marketers Association of Nigeria (MEMAN) has reiterated its commitment to transparency and market stability in the energy sector during a webinar themed “Fuel Pricing” held on November 27, 2024. The event provided a platform to address misconceptions, foster informed discussions, and highlight MEMAN’s initiatives to ensure fair pricing and efficient fuel distribution across Nigeria.
The webinar featured two sessions, beginning with “Market Trends, Transparency, and Fair Pricing” presented by James Gooder, Vice President of Crude Oil at Argus Media. Gooder analyzed the factors affecting Premium Motor Spirit (PMS) costs, including logistics and pricing parameters. He emphasized that infrastructure upgrades, such as deeper jetties and larger vessels, could significantly reduce logistics expenses. Additionally, he examined the impact of exchange rates and crude oil prices on PMS landed costs and lauded MEMAN’s use of average pricing models to stabilize the market amid volatility.
In the second session, “Understanding Key Factors Shaping PMS Delivery Costs,” MEMAN’s Head of Economic Intelligence, Research, and Regulation, Mrs. Ogechi Nkwoji, speaking on behalf of the CEO, offered a detailed breakdown of the elements influencing PMS pricing across Nigeria. Nkwoji highlighted MEMAN’s efforts to bolster market stability and enhance consumer confidence through innovative strategies and compliance.
During the event, MEMAN shared significant milestones achieved in PMS distribution over the past 10 weeks. A total of 251.8 million litres of PMS were loaded from the Dangote Refinery, with 148.4 million litres transported via trucks and 103.3 million litres delivered to Apapa depots by vessels. The transition to vessel transportation has improved efficiency and reduced truck dispatches, reflecting MEMAN’s commitment to optimizing logistics while ensuring steady supply.
“The Dangote Refinery remains a preferred supply source, supplemented by imports to address shortfalls in full compliance with regulations,” stated Clement Isong, CEO of MEMAN.
MEMAN emphasized its dedication to fostering transparency and sustaining dialogue to meet Nigeria’s energy needs responsibly and efficiently. The webinar reinforced the association’s proactive role in stabilizing the market and addressing challenges in the energy sector.
This initiative highlights MEMAN’s commitment to aligning with global best practices while prioritizing the needs of Nigerians in a dynamic energy landscape.