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Nigerian National Petroleum Company Limited
The Nigerian National Petroleum Company is facing significant financial strain as escalating costs associated with Premium Motor Spirit supply jeopardise the sustainability of its operations.
This situation, according to the NNPCL has raised concerns about the long-term stability of fuel availability in the country.
NNPCL disclosed this on Sunday through a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye, on Sunday.
The statement addressed recent reports about the company’s mounting debt to petrol suppliers, which “has intensified financial pressures on NNPC Ltd. and threatened the continuity of fuel supply.”
The statement read, “NNPC Ltd. acknowledges the recent national newspaper reports regarding our substantial debt to petrol suppliers. This financial strain has placed considerable pressure on our operations and threatens the sustainability of our fuel supply.”
In line with the Petroleum Industry Act (PIA), NNPCL said it remained committed to its role as the supplier of last resort, dedicated to ensuring national energy security.
The company stated, “We are actively collaborating with relevant government agencies and stakeholders to maintain a consistent supply of petroleum products nationwide.”
Nigerians have expressed anger and frustration over the prolonged scarcity of Premium Motor Spirit, popularly called petrol, across various states nationwide.
It was observed that the scarcity of petrol led to widespread queues by motorists at filling stations in Abuja, Kaduna, Niger, Adamawa, Kano, Bauchi, and Delta, among others.
Also in April, the scarcity of petrol in Abuja, Nasarawa, Niger and some other states in the North and around the country lingered for days following the shortage of PMS supply to the region.
Fuel queues began to resurface again, leaving many motorists wondering what could be wrong.
The Nigerian National Petroleum Company Limited had said some supply issues were responsible for the queues, urging customers to exercise patience.
