The Nigerian National Petroleum Company Limited (NNPC Ltd) has explained that fuel scarcity persists in the country because it is owing petrol suppliers.
The deficit in supply has led to a six-week long petrol scarcity across the country.
The company’s chief communications officer Olufemi Soneye in a statement on Sunday said the debt has posed a significant financial strain on NNPC’s operations.
Although the company did not confirm the amount owed suppliers, the figure is said to be $6 billion.
“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 said.
“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.”
