The Nigerian National Petroleum Company Limited has declared that it is experiencing financial strain as a result of petrol supply cost.
Confirming an earlier media report, the company said the strain had led to it owing petrol suppliers.
In a statement issued on Sunday by its Chief Corporate Communications Officer, Mr. Femi Soneye, the company said the debt had placed considerable pressure on it and threatened the sustainability of fuel supply.
While stressing its dedication to its role as the supply of last resort, the company said it was collaborating with relevant government agencies to ensure consistent supply of petrol in the country.
“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.”
