The Nigerian National Petroleum Company Limited (NNPCL) has admitted to facing financial challenges due to the high costs of supplying Premium Motor Spirit (PMS) petrol, which are impacting the sustainability of its supply operations.
This was revealed in a press release on Sunday, September 1st by Mr. Olufemi Soneye, the Chief Corporate Communications Officer of the NNPCL.
The statement said: “NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability”
NNPC Ltd. acknowledged that the company owed a substantial amount of money to gasoline suppliers, as reported in recent national newspapers.
It said this financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
According to the state-owned oil company, NNPC Ltd., it is committed to fulfilling its role as the supplier of last resort and safeguarding the country’s energy security in accordance with the Petroleum Industry Act (PIA).
The company said: “We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
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