National Petroleum Corporation admits facing financial strain due to petroleum supply cost

The Nigerian National Petroleum Corporation (NNPC) has owned up to the company’s significant debt to petrol suppliers, adding that this financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.

Penpushing reports that the company’s admittance was contained in a statement by Chief Corporate Communications Officer of the corporation, Olufemi Soneye, however, gave assurance that the establishment remains dedicated to its role as the supplier of last resort, ensuring national energy security.

‘NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply’, Soneye wrote.

Penpushing further reports that the statement explained that the corporation was actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.

‘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’, it emphasised.

FOOTNOTE: You want to share story with us? You want to advertise with us? You need publicity for product, or service, or   event? Contact us on WhatsApp +2348073463653 or email [email protected]