Fuel Crisis Bites Harder as NNPCL Admits Owing $6bn to Foreign Suppliers
Fuel queue Photo: credit Punch Newspapers...
By Our Reporter
The hope of an end to the fuel crisis soon in Nigeria is not at sight as the Nigerian National Petroleum Company Limited admitted weekend that it is owning suppliers of the products the sum of $6bn debt.
In a statement by the Chief Corporate Communications Officer, Olufemi Soneye, NNPCL on Sunday said it is facing difficulties in petrol supplies as a result of the debt owed to its suppliers.
This was after the organisation had in the past denied it was owing the suppliers.
Reuters had reported backlog of debts which were piling up as against contract terms that NNPC pays within 90 days of product delivery.
Soneye on Sunday in a press statement said, “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, 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.”
Meanwhile, most filling stations are not selling fuel. Those who are lucky to have products sell between N920 to N1,000 per litre in addition to fraudulent meters.
NNPC accredited filling stations sell at official price of about N600 per litre, but the queues are unimaginable.
The hope of an end to the fuel crisis soon in Nigeria is not at sight as the Nigerian National Petroleum Company Limited admitted weekend that it is owning suppliers of the products the sum of $6bn debt.
In a statement by the Chief Corporate Communications Officer, Olufemi Soneye, NNPCL on Sunday said it is facing difficulties in petrol supplies as a result of the debt owed to its suppliers.
This was after the organisation had in the past denied it was owing the suppliers.
Reuters had reported backlog of debts which were piling up as against contract terms that NNPC pays within 90 days of product delivery.
Soneye on Sunday in a press statement said, “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, 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.”
Meanwhile, most filling stations are not selling fuel. Those who are lucky to have products sell between N920 to N1,000 per litre in addition to fraudulent meters.
NNPC accredited filling stations sell at official price of about N600 per litre, but the queues are unimaginable.
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