By Ella Michaels
A looming fuel scarcity threatens Nigeria as the Nigerian National Petroleum Corporation Limited (NNPC Ltd) faces financial strain due to the high cost of Premium Motor Spirit (PMS) supply. The company's financial struggles have impacted supply sustainability, prompting concerns about the nation's energy security.
In a statement released on Sunday, September 1, 2024, NNPC Ltd acknowledged recent reports of its significant debt to petroleum suppliers, despite previously denying media claims of indebtedness to international traders. The company's Chief Corporate Communications Officer, Olufemi Soneye, confirmed that the financial strain has placed considerable pressure on NNPC Ltd and poses a threat to the sustainability of fuel supply.
However, NNPC Ltd reassured stakeholders of its commitment to ensuring national energy security, as mandated by the Petroleum Industry Act (PIA). The company is working closely with relevant government agencies and stakeholders to maintain a consistent supply of petroleum products nationwide.
