The ongoing scarcity and high cost of Premium Motor Spirit (PMS), commonly known as petrol, show no signs of improvement as the Nigerian National Petroleum Corporation Limited (NNPCL) has indicated that its ability to maintain fuel supply is in jeopardy. Olufemi Soneye, the Chief Corporate Communications Officer of the NNPCL, made this statement in response to reports revealing that the oil firm is $6 billion in debt.....CONTINUE READING THE ARTICLE FROM THE SOURCE
Last week, news surfaced that the NNPCL owes petrol suppliers approximately $6 billion.
In his response on Sunday, Soneye acknowledged that the national oil company does owe suppliers but did not disclose the exact amount.“
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.”
