Nigeria National Petroleum Company Limited has recognised the recent articles in Vanguard Newspapers indicating that the company’s substantial $6 billion debt is resulting in disruptions in petrol supply.
In a statement released by Olufemi Soneye, Chief Corporate Communications Officer.
NNPC announced that NNPC Ltd is experiencing financial pressures stemming from the costs associated with PMS supply, which in turn affects the sustainability of their supply chain.
The statement reads: “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.”
