The Nigerian National Petroleum Company Limited (NNPCL) has cited the high cost of Premium Motor Spirit (PMS) supply as the primary cause of the ongoing fuel scarcity across the country.
This admission comes amid reports that NNPCL’s accumulated debt of $6 billion has significantly strained its ability to maintain a steady fuel supply, Okay.ng reports.
In a statement released on Sunday, NNPCL spokesperson Soneye Olufemi acknowledged the financial challenges the company is facing, particularly in relation to PMS supply costs.
Despite these difficulties, Olufemi emphasized NNPCL’s commitment to its role as the supplier of last resort, in accordance with the Petroleum Industry Act (PIA), ensuring the nation’s energy security.
“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,” the statement read.
NNPCL also reassured Nigerians that it is actively working with relevant government agencies and stakeholders to maintain a consistent supply of petroleum products across the nation.
“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,” the company added.
The statement comes at a time when fuel queues have increasingly mounted at filling stations across the country over the past week.
