The ongoing petrol scarcity across Nigeria may persist as the NNPC Ltd at the weekend confirmed that it under ‘considerable pressure’ due to the significant debt it owes petrol suppliers.
There had been speculations in the media that the scarcity may be due to the fact that NNPC could not meet its financial obligations to suppliers.
Mr Olufemi Soneye, NNPC Ltd Chief Corporate Communications Officer confirmed the situation in a press release on Sunday.
Soneye stated that “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”.
He however said that the corporation will continue to perform its role on the energy security of Nigeria and as supplier of last resort. “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”, he concluded.
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