As queues of motorists waiting to buy fuel extend beyond filling stations across the country, the Nigeria National Petroleum Company Limited (NNPCL) has disclosed that the petrol supply hiccups being experienced was due to accrue debt owing fuel importers over several months.
NNPC noted that the financial strain has placed considerable pressure on the company’s efforts to ensure adequate supply of the products in the country.
As gathered, due to the debt global suppliers of petrol were now unwillingness to supplying the product on credit to the NNPC for distribution to end users across the nation.
The Chief Corporate Communications Officer of the firm, Olufemi Soneye, confirmed the development through a statement made available to newsmen on Sunday.
According to the statement, 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”.
