The Nigerian National Petroleum Company (NNPC) Limited this Sunday evening, September 1, 2024, admitted owing suppliers and that this is responsible for the lingering fuel scarcity in the country. It also warned that supply cannot be sustained in the present circumstances.
NNPC Ltd said in a statement entitled, “NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability”, signed by its Chief Corporate Communications Officer, Olufemi Soneye:
“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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