Nigerian National Petroleum Company Limited, NNPCL, has attributed the unending petrol scarcity to supply costs. Soneye Olufemi, the NNPCL’s spokesperson, said this on Sunday.
The feedback follows the report that the NNPCL’s debt of $6 billion is the reason for petrol scarcity and the product supply difficulties.
Despite the financial hurdles stemming from PMS supply costs, NNPCL has reaffirmed its unwavering commitment to its role as the supplier of last resort for PMS and to the preservation of national energy security.
“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 threatens 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,” the company stated.
Over the past week, a shortage of petrol has led to long queues at filling stations nationwide. While the country’s leading oil company did not explicitly state that fuel prices could increase, it did not rule out the possibility.
This situation arises even though the company reported a profit of N3.3 trillion for the 2023 fiscal year.