The Nigerian National Petroleum Company Limited (NNPC Ltd) has acknowledged its outstanding debts to suppliers of premium motor spirit (PMS), commonly known as petrol.
The state owned company is experiencing financial strain, which has put considerable pressure on the company and poses a threat to the sustainability of fuel supply.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, made this known in a statement on Sunday, acknowledging reports in national newspapers regarding the company’s significant debt to petrol suppliers.
Recall that the ongoing fuel queues and scarcity have been attributed to the six billion dollars owed by NNPC Ltd to suppliers, causing them to become reluctant about importing Premium Motor Spirit (PMS) for the company.
Reacting to the situation, Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.
The statement reads:
“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 committed to its role as the supplier of last resort, ensuring national energy security,” he said.
Soneye added that the company was actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
