The Nigerian National Petroleum Company Limited (NNPC Ltd) is grappling with significant financial strain that threatens the stability of the country’s fuel supply.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, addressed these concerns in a statement on Sunday, acknowledging reports of the company’s substantial debt to petrol suppliers.
The ongoing fuel queues and scarcity have been linked to NNPC Ltd’s $6 billion debt, which has caused suppliers to hesitate in importing Premium Motor Spirit (PMS) for the company.
Soneye highlighted that the financial pressure is impacting the company’s ability to ensure a stable fuel supply. Despite these challenges, he assured that NNPC Ltd remains committed to its role as the supplier of last resort, as mandated by the Petroleum Industry Act (PIA), and is working with government agencies and stakeholders to maintain a steady supply of petroleum products across the nation.
Source: https://www.lindaikejisblog.com
