Strong indications emerged on Sunday that fuel queues currently being witnessed across the country may linger than expected as the Nigerian National Petroleum Company (NNPC) Limited admitted that it was in dire financial situation.
In a release issued by Olufemi Soneye, its Chief Corporate Communications Officer, the company acknowledged the news that has been trending in Nigeria’s media space that the landing cost of imported petrol was far more than the current pump price of fuel.
Despite this, government has been persistently denied that it was subsidising fuel.
But in the release by Olufemi Soneye, the NNPC Limited admitted that it has a financial strain that was “putting considerable pressure” on the Ccmpany and posing serious “threat to the sustainability of fuel supply”.
Here are the exact words of the NNPC Limited in the press release:
“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.”
