September 01, (THEWILL) – The lingering fuel crisis in the country may last longer as the Nigerian National Petroleum Corporation (NNPC) Limited says its indebtedness to petrol suppliers has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.
Earlier, NNPC Ltd refuted reports that it owes international oil traders $6.8 billion. The company, which argued that oil trading transactions are commonly conducted on credit, had said its subsidiaries were paying up their obligation on a first-in-first-out (FIFO) basis.
However, the Chief Corporate Communications Officer of the company, Olufemi Soneye, in a statement on Sunday night, admitted that the national oil company is significantly indebted to oil suppliers, adding that the debts have also impacted petrol supply.
Soneye, however, assured that the NNPC is actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
The statement reads: “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.”
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