The lingering fuel crisis in the country may last longer as the nation’s oil company, the Nigeria National Petroleum Company Limited NNPC (NNPCL) has admitted owing petrol suppliers to the tune of about $6 billion.
Tribune Online reports that Nigerians have not had it so good this year as fuel queues have dotted filling stations across the country with prices ranging between N900 and N1,200 and this expectedly has impacted negatively on the economic and social well-being of the citizens.
Giving reasons for what may come in the day s ahead, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement he issued on Sunday, admitted that the financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
“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,” the statement read.
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