The Nigerian National Petroleum Company Limited (NNPC Ltd) is experiencing financial strain, which has put considerable pressure on the company and poses a threat to the sustainability of fuel supply.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, in a statement on Sunday, September 1, 2024, acknowledged reports regarding the company’s significant debt to petrol suppliers.
Sonenye’s statement follows incessant fuel queues and scarcity which have been attributed to the six billion dollars owed by NNPC Ltd to suppliers.
This debt has forced suppliers to become reluctant to import Premium Motor Spirit (PMS) for the company.
Reacting to the situation, Mr Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.
“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security,” he said.
He added that the company was actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
