On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) reported that its ability to sustain a regular supply of petrol across Nigeria is under threat due to financial duress related to Premium Motor Spirit (PMS) supply costs.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, disclosed in a statement that the company is experiencing significant financial strain because of its substantial debt to petrol suppliers. This financial pressure, Soneye explained, poses a serious risk to the sustainability of fuel supply.
“We acknowledge recent reports in national newspapers regarding the company’s significant debt to petrol suppliers,” Mr. Soneye said. “This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.”
Despite these challenges, NNPC Ltd remains committed to its role as the supplier of last resort, in line with the Petroleum Industry Act (PIA), to ensure national energy security.
“e are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” Soneye added.
Recent months have seen a scarcity of petrol in major cities across Nigeria, leading to increased business and household impacts.
The shortage has prompted commercial bus drivers to raise fares in major towns and cities, including the capital. Additionally, black marketers have capitalized on the situation, selling petrol at inflated prices ranging from N1,000 to N1,200, with some states experiencing prices close to N2,000.
