- Safiu Kehinde
The Nigerian National Petroleum Company Limited (NNPCL) has admitted to having financial constraints over the cost of petroleum supply.
This was disclosed in a statement issued today by the company’s Chief Corporate Communications Officer, Olufemi Soneye.
As contained in the statement, NNPCL admitted to reports on the company’s debt to petrol suppliers, explaining that the financial strain has been a hindering factor to the sustainability of fuel supply.
However, the company assured the nation of ensuring consistent petroleum products supply with the effort of other government agencies they collaborated with.
The statement read in part; “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.”