NNPCL admits financial strain threatening sustainability of fuel supply

The Nigerian National Petroleum Company Limited (NNPCL) has confirmed facing significant financial challenges due to mounting debts to petrol suppliers, raising concerns about the sustainability of fuel supply across Nigeria.

In a statement released on Sunday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, acknowledged the company’s financial strain, which has been exacerbated by the high costs of Premium Motor Spirit (PMS) supply. This situation, according to the statement, poses a serious threat to maintaining a stable fuel supply in the country.

Despite these difficulties, NNPCL reaffirmed its commitment to its responsibilities under the Petroleum Industry Act (PIA), particularly its role as the supplier of last resort to ensure national energy security.

The company further revealed it is currently collaborating with government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide, striving to prevent disruptions and ensure fuel availability across the country.