Nigerian National Petroleum Company Limited (NNPC Ltd) has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
The company, in a statement on Sunday, said that the financial strain was constraining it and making it impossible for it to sustain fuel supply.
According to the statement by the company’s Chief Corporate Communications Officer, Mr Olufemi Soneye, “This financial strain has placed considerable pressure on the Company and posed a threat to the sustainability of fuel supply.”
The statement quoted the company to have said that “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.”
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