Our reporter/ The Nigerian National Petroleum Corporation (NNPC) for the first on Sunday admitted that the debts owed international oil traders is responsible for the ongoing fuel scarcity across the country.
In a statement by its spokesperson, Olufemi Soneye, the Oil Giant confirmed reports by Alabingo.com and other media outlets, attributing the fuel scarcity to supply disruptions caused by outstanding debt obligations to international oil traders.
“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,” Soneye said.
The full text of the statement is published below…
NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability
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.
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja
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