The Nigerian National Petroleum Corporation (NNPC) admitted that its substantial debt to suppliers is endangering the sustainable fuel supply.

This was posted as a statement on NNPC’s X handle on Sunday, September 1, 2024.

The corporation highlighted that the financial strain is placing significant pressure on its operations and threatening the stability of fuel supplies.

NNPC Ltd reaffirmed its commitment to its role as the supplier of last resort under the Petroleum Industry Act (PIA), aimed at ensuring national energy security.

The company emphasised its ongoing efforts to work with government agencies and key stakeholders to maintain a steady supply of petroleum products across Nigeria.

The statement read, “NNPC Ltd. acknowledges recent media reports concerning the company’s notable debt to petrol suppliers.

”This financial burden has exerted considerable pressure on the company and jeopardizes the sustainability of fuel supply.

”In accordance with the Petroleum Industry Act (PIA), NNPC Ltd. remains dedicated to its role as the supplier of last resort, committed to upholding national energy security.

We are actively collaborating with relevant government agencies and stakeholders to ensure a consistent supply of petroleum products nationwide.”

PRESS RELEASE

NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability

NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. 

 

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).