After several weeks of denial, the Nigeria National Petroleum Company Limited (NNPCL) has finally admitted to a significant debt to fuel suppliers.

This, the state oil company said was responsible for the low supply of petrol to marketers nationwide.

The NNPC confession has therefore fuelled amidst insinuations that the current fuel scarcity in the country may worsen.

In a statement titled ” NNPC Ltd Faces Financial Strain Due To PMS Supply Costs, Impacting Supply Sustainability,” issued on Sunday, the NNPCL’s Chief Information Officer, Olufemi Soneye, said the financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.

READ ALSO:NNPCL commences shipment of LNG to China, Japan

The statement read::

“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 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.”

By: Babajide Okeowo

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