Fear as NNPC admits financial strains, says fuel supply sustainability under threat

In a recent press release, NNPC Ltd acknowledged the significant debt owed to petrol suppliers, confirming reports of financial strain on the company. This admission raises concerns about the sustainability of fuel supply in the country.

Olufemi Soneye, Chief Corporate Communications Officer, stated that NNPC Ltd is working closely with government agencies and stakeholders to maintain a consistent supply of petroleum products nationwide. Despite the challenges, the company remains committed to its role as the supplier of last resort, ensuring national energy security in line with the Petroleum Industry Act (PIA).

Read the press release below;

https://x.com/nnpclimited/status/1830311761905357244?t=2ZfHmxOh81yTHxub98RiKA&s=19

Thediscovererng.com reports that the press release comes as Nigerians continue to face fuel scarcity, with many questioning the company’s financial management and ability to meet its obligations. NNPC Ltd’s admission of financial strain has sparked concerns about the long-term sustainability of fuel supply in the country.

As the situation continues to unfold, Nigerians await concrete solutions to address the fuel scarcity and ensure a stable energy supply. The government’s intervention and support will be crucial in mitigating the impact of NNPC Ltd’s financial struggles on the nation’s energy security.