The NNPC Ltd acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
The Nigerian National Petroleum Company Limited (NNPC Ltd) says its ability to sustain regular supply of petrol across Nigeria is under threat.
The oil company discloses that it is under financial duress due to Premium Motor Spirit (PMS) supply costs, impacting supply sustainability.
Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, disclosed this in a statement.
The NNPC Ltd 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,” Mr Soneye said.
He explained that, in accordance 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 said.
In recent months, petrol scarcity hit major cities across Nigeria, with attendant effects on businesses and households.
This also prompted commercial bus drivers to increase their fares in major towns and cities, including the nation’s capital. As a result, black marketers made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200.
Read Full Statement Below…
PRESS RELEASE
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.
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja
1st September, 2024
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