The NNPC Ltd has acknowledged recent reports that $6 billion debts owed petrol supplies is obstructing fuel supply across the country.
The NNPC’s disclosure is coming at a time the fuel supply is biting harder, with Nigerians buying the product at high as N1,2000 per litre.
The oil company’s disclosure was revealed by in a statement released by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, on Sunday.
The statement said: “NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability”
“NNPC Ltd 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.”
