More Petrol Crisis Looms, As NNPCL Reveal Reasons | READ DETAILS

NNPCL admits financial strain from PMS supply costs, contributing to Nigeria’s fuel scarcity crisis, while reaffirming its role in ensuring national energy security.

The Nigerian National Petroleum Company Limited (NNPCL) has admitted that the rising cost of Premium Motor Spirit (PMS) supply is contributing to the ongoing fuel scarcity crisis across the country. The company’s spokesperson, Soneye Olufemi, made this disclosure on Sunday while responding to reports linking a $6 billion debt to the current supply challenges.

In a statement, NNPCL confirmed the financial pressure caused by the cost of supplying PMS but reiterated its commitment to its role as the supplier of last resort, in accordance with the Petroleum Industry Act (PIA). The company vowed to maintain national energy security despite the mounting debts.

“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,” the statement read.

The statement further emphasized NNPCL’s collaboration with relevant government agencies and stakeholders to ensure a consistent supply of petroleum products nationwide.

This revelation comes amid growing fuel queues at filling stations across the country and speculation about a potential fuel price hike. The challenges persist despite NNPCL recently announcing a profit of N3.3 trillion for the 2023 financial year.