Nigerians may experience more biting fuel scarcity as the Nigerian National Petroleum Company Limited (NNPCL) has admitted that it is significantly indebted to suppliers of Premium Motor Spirit (PMS), popularly known as petrol.
The company also disclosed that it was facing heavy financial strain due to PMS supply cost, adding that the situation had negatively impacted supply sustainability.
It, however, assured that it was actively collaborating with relevant government agencies and other stakeholders to ensure a consistent supply of petroleum products nationwide.
NNPCL Chief Corporate Communications Officer, Olufemi Soneye, stated these in a press release on Sunday evening.
He acknowledged recent media reports in respect of the company’s indebtedness to PMS suppliers. The NNPCL media handler admitted that the financial strain has placed considerable pressure on the company.
“NNPCL 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), NNPCL remains dedicated to its role as the supplier of last resort, ensuring national energy security,” it was stated in the release.
Soneye however assured: “We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
