The Nigerian National Petroleum Company Limited (NNPCL) is grappling with severe financial pressures as the rising costs associated with the supply of Premium Motor Spirit (PMS) threaten the sustainability of its operations. This growing challenge has sparked concerns about the long-term stability of fuel availability across Nigeria.
In a statement released on Sunday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, addressed the escalating financial difficulties the company is experiencing, particularly its substantial debt to petrol suppliers. “This financial strain has placed considerable pressure on our operations and threatens the sustainability of our fuel supply,” the statement read.
The company emphasized its commitment to fulfilling its mandate under the Petroleum Industry Act (PIA) as the supplier of last resort, ensuring national energy security despite the challenges. “We are actively collaborating with relevant government agencies and stakeholders to maintain a consistent supply of petroleum products nationwide,” NNPCL stated.
These financial pressures have led to widespread concerns among Nigerians, who have experienced recurring petrol shortages in various states, including Abuja, Kaduna, Niger, Adamawa, Kano, Bauchi, and Delta. The scarcity has resulted in long queues at filling stations, with motorists expressing frustration over the prolonged difficulty in accessing fuel.
In recent months, the situation has worsened, with the scarcity of petrol lingering for days in several regions. In April, similar supply issues led to widespread shortages in Abuja, Nasarawa, Niger, and other northern states. The re-emergence of fuel queues has left many Nigerians questioning the stability of the fuel supply and what the future holds.
NNPCL has acknowledged these supply issues and has urged customers to remain patient as it works to resolve the challenges and restore stability in the distribution of PMS across the country.
