The Nigerian National Petroleum Company Limited (NNPCL) has acknowledged experiencing financial difficulties due to the cost of supplying Premium Motor Spirit (PMS) petrol, which has been affecting the sustainability of its supply operations.
The NNPCL’a Chief Corporate Communications Officer, Mr. Olufemi Soneye disclosed this in a press statement on Sunday, September 1.
The statement said: “NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability”
NNPC Ltd acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
It said this financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
The state-owned oil firm 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.
The company said: “We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”