Nigerians may not see the end of the Premium Motor Spirit (Petrol) crisis anytime soon as NNPC Limited blamed supply costs for fuel scarcity.
Soneye Olufemi, the NNPCL spokeswoman, confirmed this in a statement issued on Sunday.
The company’s comments come against the back of a report that said its $6 billion debt is to blame for gasoline shortages and product delivery disruptions.
NNPCPL also reacted to the media report, which stated it was reeling under financial haemorrhage from the cost of PMS supply.
However, the company promised it was committed to its role as supplier of last resort for PMS and ensuring national energy security.
NNPC Ltd has reacted to recent reports in national newspapers about the huge debt of the company to the petrol suppliers. The whole burden already plunged the Corporation, which may not be able to sustain long-term supplies.
This is in consonance with the PIA, where NNPC Ltd. is playing to the letter its role of supplier of last resort, while ensuring national energy security. “We are working assiduously with relevant government agencies and other stakeholders to guarantee a regular supply of petroleum products across the country,” the company stated.
This is happening against the backdrop of increasing queues of petrol at filling stations nationwide in the past one week.
While the largest oil company in the country did not discuss the concept of increasing fuel prices, neither has it been taken off the table.
This news comes despite the announcement of the company amassing N3.3 trillion in earnings for the fiscal year 2023.
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