By Abiola Olawale
The Nigerian National Petroleum Company Limited (NNPCL) has admitted that it is currently experiencing some financial strain, which has been posing a threat to the sustainability of fuel supply.
This was made known in a statement released on Sunday, September 1, by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye.
Soneye, in a statement, revealed that the NNPCL owes petrol suppliers a significant debt.
The statement reads in part: “NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability
“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
“In line with the Petroleum Industry Act (PIA), NNPC Ltd. remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
This comes after reports emerged that NNPC owes oil traders a whopping $6.8 billion fuel subsidy debt.
The debt was reported to have accumulated from the removal of the fuel subsidy. Since the subsidy was removed, fuel shortages have persisted, despite price hikes at various filling stations.
