The Nigerian National Petroleum Company Limited (NNPC Ltd.) has agreed to be indebted to petrol suppliers to the tune of $6 billion.
NNPC Chief Corporate Communications Officer, Mr. Olufemi Soneye, made the clarification in a statement issued on Sunday, September 1, 2024.
The clarification was in response to the earlier media reports blaming the current nationwide fuel scarcity on the $6 billion debt owed the petrol suppliers.
The reports also disclosed that the supply agents became reluctant about importing the petrol for NNPC Ltd., resulting in rationing of the products by the national oil company.
In a swift response, the company acknowledged significant debt to the petrol suppliers.
It noted that the financial strain has placed considerable pressure on it and, therefore, poses a threat to the sustainability of fuel supply.
It, however, explained that in line with the Petroleum Industry Act (PIA), it remains dedicated to its role as the supplier of last resort, ensuring national energy security.
It assured that it is actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
