In a recent press release, the Nigerian National Petroleum Company Limited (NNPC Ltd) has acknowledged significant financial challenges that threaten the sustainability of the country’s fuel supply.
According to the statement, NNPC Ltd is facing substantial debt to petrol suppliers, putting considerable strain on the company’s finances. This financial pressure has raised concerns about the company’s ability to fulfill its role as the supplier of last resort, as mandated by the Petroleum Industry Act (PIA).
Read the statement below:
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