The NNPC Limited has announced that the company is faced with financial strain due to PMS supply costs which have impacted supply sustainability.
The company in a statement on Sunday by its Chief Corporate Communications Officer, Olufemi Soneye, acknowledged recent reports in national newspapers regarding the company’s significant debt to petroleum suppliers.
This is coming days after the oil giant denied media reports that the company was indebted to international traders.
While lamenting that the situation threatens sustainability of fuel supply, NNPC Ltd reiterated its commitment towards ensuring national energy security and assured stakeholders of constant supply of petroleum products across the country.
“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,” the statement concluded.
