.Says Fuel Supply Hitches May Deepen
Mohammed Shosanya
The Nigerian National Petroleum Company Limited,has admitted owing international fuel suppliers over $6billion,few weeks after it initially denied its indebtedness.
Femi Soneye,spokesman of the company,who admitted the NNPC’s debt in a statement on Sunday,disclosed that
that the financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.
He said:”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”.
He had few weeks ago denied allegations of owing international oil traders $6 billion,stating that while transactions in the oil trading business are often conducted on credit, the company maintains open trade credit lines with various traders.
He emphasised that NNPCL is fulfilling its financial obligations on a first-in-first-out basis.