The Nigerian National Petroleum Company Limited (NNPCL) says the company’s debt to petrol suppliers is responsible for the fuel queues across the country.
The NNPCL made this known via a statement issued by its spokesperson, Olufemi Soneye, on Sunday, September 1, 2024.
Soneye noted that debt poses a threat to the sustainability of fuel supply, adding, however, that the company was working with government agencies to ensure a consistent supply of petrol in Nigeria.
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He said: “NNPCL 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), NNPCL 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.”
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