The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged the financial strain it is currently facing due to substantial costs associated with the supply of Premium Motor Spirit (PMS), commonly known as petrol.
The company’s growing debt to petrol suppliers has raised concerns about the sustainability of fuel supply across the country.
In a statement released on Sunday by the company’s Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd addressed the recent reports in national newspapers highlighting the company’s significant debt obligations.
“This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” the statement read.
Despite these challenges, NNPC Ltd. reaffirmed its commitment to national energy security, as mandated by the Petroleum Industry Act (PIA).
“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,” the company stated.
NNPC Ltd also noted that it is working closely with relevant government agencies and stakeholders to ensure the continued availability of petroleum products across the nation.
“We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” the statement concluded.
As NNPC Ltd. navigates these financial challenges, the company’s efforts to stabilize fuel supply will be closely monitored by both industry experts and the general public.