Fuel scarcity: NNPCL admits owing suppliers $6bn
The Nigerian National Petroleum Company (NNPC) Limited has confirmed that it is currently in debt to fuel suppliers, a situation that has exacerbated the country’s ongoing fuel scarcity issues.
The company’s admission was made in a statement on Sunday, September 1, 2024, and highlights the financial strain impacting its operations.
In the statement, titled “NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability,” Chief Corporate Communications Officer Olufemi Soneye explained that the debts are significant and have placed considerable pressure on the company.
This pressure poses a serious threat to the continuity of fuel supply in Nigeria.
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NNPC Ltd, which operates under the Petroleum Industry Act (PIA), is tasked with ensuring national energy security. Despite the financial difficulties, the company remains committed to its role as the supplier of last resort.
It is actively collaborating with relevant government agencies and stakeholders to manage the situation and sustain the supply of petroleum products across the nation.
The acknowledgment of debt follows increased reports of fuel shortages affecting various parts of Nigeria.
The scarcity has led to long queues at petrol stations and significant inconvenience for consumers.
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