Fuel crisis looms as NNPCL warns of financial strain threatening nationwide supply

Abdullateef Fowewe

The Nigerian National Petroleum Company Limited has attributed its current financial strains to the rising costs associated with the supply of Premium Motor Spirit.

The NNPCL in a statement on Sunday by its Chief Corporate Communications Officer, Olufemi Soneye, acknowledged significant debt to petrol suppliers and highlighted that the company is grappling with substantial debts to petrol suppliers, which jeopardizes the sustainability of fuel supply across the nation.

The remark reads, “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 the 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.”