The persistent shortage of Premium Motor Spirit (PMS), commonly known as petrol, appears to be ongoing as the Nigerian National Petroleum Corporation Limited (NNPCL) has expressed concerns about its ability to maintain fuel supplies.
Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, addressed the situation following reports that the company is indebted to the tune of $6 billion.
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Last week, news surfaced that NNPCL owes petrol suppliers approximately $6 billion.
In a statement on Sunday, Soneye confirmed that the national oil company does have outstanding debts to suppliers but refrained from disclosing the exact amount.
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“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.”
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