Petrol scarcity may worsen as NNPCL admits obstacle in fuel supply

The ongoing scarcity of Premium Motor Spirit (PMS), better known as petrol, seems far from over as the Nigerian National Petroleum Corporation Limited (NNPCL) has said its ability to sustain fuel supply is under threat. Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, said this while reacting to the report of the oil firm […]

The ongoing scarcity of Premium Motor Spirit (PMS), better known as petrol, seems far from over as the Nigerian National Petroleum Corporation Limited (NNPCL) has said its ability to sustain fuel supply is under threat.

Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, said this while reacting to the report of the oil firm being indebted to the tune of $6 billion.

Last week, a report that the NNPCL is owing petrol suppliers about $6 billion went viral.

Responding on Sunday, Soneye admitted that the national oil company is owing suppliers, but did not specify the exact amount.

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“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.”