By Ella Michaels
The Nigeria National Petroleum Corporation Limited (NNPC Ltd) has revealed that it is facing significant financial strain due to the high cost of Premium Motor Spirit (PMS) supply, which is impacting the sustainability of fuel supply in the country.
In a statement released on Sunday, September 1, 2024, NNPC acknowledged recent reports of its substantial debt to petrol suppliers, confirming that the financial strain has placed considerable pressure on the corporation and poses a threat to the sustainability of fuel supply.
Despite the challenges, NNPC remains committed to its role as the supplier of last resort, ensuring national energy security in line with the Petroleum Industry Act (PIA). The corporation is actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
NNPC's Chief Corporate Communications Officer, Mr. Femi Soneye, emphasized the corporation's dedication to its role in ensuring energy security and its efforts to address the current financial strain.
