NNPC Admits Facing Financial Strain Due To Fuel Supply Costs, Impacting Supply
By Frederick Wright
The Nigerian National Petroleum Company Limited (NNPC) has finally revealed the real reasons behind the tightness in fuel supply across the country.
The shortage in supply has lingered for several weeks, leaving many filling stations out of stock while the price of Premium Motor Spirit (PMS) also known as petrol skyrockets to between N950 to N1,000 per liter. The few stations that sell at about N650 per liter are being besieged with long queues.
NNPC, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, made available to Slye News, said It “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,” he stated.
Soneyw, however, said in line with the Petroleum Industry Act (PIA), NNPC 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,” he stated.
Recall that the NNPC had earlier denied that it was owing the international oil traders about $6.8 billion and that it has not remitted revenue to the Federation account since January 2024.
