Financial challenges responsible for unstable fuel supply-NNPC
The Nigerian National Petroleum Company Limited (NNPCL) has acknowledged facing it is facing financial difficulties attributed to escalating debts owed to fuel suppliers, raising concerns about the sustainability of fuel supply across Nigeria.
In a statement issued on Sunday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, highlighted the financial pressures the company is under, worsened by the soaring costs associated with Premium Motor Spirit (PMS) procurement.
This predicament, as noted in the statement, poses a significant risk to the stability of fuel supply within the nation.
Despite these challenges, the company reiterated its dedication to fulfilling its obligations under the Petroleum Industry Act (PIA), particularly its function as the supplier of last resort to safeguard national energy security.
It also disclosed that it is actively working with government agencies and other stakeholders to ensure a steady supply of petroleum products across the country, aiming to avert any disruptions and guarantee fuel accessibility nationwide.
Writing by Tijjani Ibrahim
