Abuja, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd.) has confirmed facing significant financial strain due to the rising costs of Premium Motor Spirit (PMS) supply. The company acknowledged recent reports in national newspapers that highlighted its substantial debt to petrol suppliers, which is now threatening the sustainability of fuel supply across the country.
In a press release issued on September 1st, 2024, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., addressed the mounting concerns. He stated that the financial burden posed by the debt has created “considerable pressure” on the company, which could impact the continuous availability of fuel.
Despite these challenges, NNPC Ltd. reiterated its commitment to fulfilling its mandate under the Petroleum Industry Act (PIA) as the supplier of last resort, tasked with ensuring national energy security. The company assured Nigerians that it is actively working with relevant government agencies and stakeholders to sustain the supply of petroleum products nationwide.
“We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” Soneye emphasized in the release.
The press release comes amidst growing concerns over potential fuel shortages, with the public increasingly anxious about the stability of fuel supplies in the coming weeks. NNPC Ltd.’s acknowledgment of the financial strain adds to the urgency of the situation, prompting discussions on the need for immediate intervention to prevent disruptions in the fuel supply chain.
The company has not disclosed specific details regarding the debt or the exact measures being taken to address the issue, but its communication highlights the critical importance of maintaining fuel supply as a cornerstone of national energy security.
As the situation unfolds, the public and industry stakeholders will be closely monitoring the actions of NNPC Ltd. and the government’s response to ensure that the nation’s fuel needs are met without interruption.
