By Enyeh Julius Akpovire
The Nigerian National Petroleum Company (NNPC) Limited has admitted to owing suppliers of premium motor spirit (PMS), also known as petrol.
In a statement on Sunday by Olufemi Soneye, the company’s chief corporate communications officer, NNPC said it is facing financial strain due to the petrol supply costs, and this is affecting the company’s ability to sustain PMS supply.
While admitting to the debt on Sunday, NNPC said the financial strain threatens the supply of petrol.
“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers,” the company said.
“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.”
