Olufemi Soneye, a spokesman for NNPC, has previously stated that the national oil firm was having financial difficulties. As the exclusive importer of PMS into Nigeria, NNPC is responsible for paying subsidies totaling several trillions of naira for the product.
“NNPC Ltd faces financial strain due to PMS supply costs, impacting supply sustainability. 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.
“In line with the Petroleum Industry Act, 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,” Soneye stated on Sunday.
Marketers stressed that this may further result in an increase in gas pump prices in the upcoming weeks, stating that representatives from the oil firm had notified gas dealers of the situation.
“Now, only NNPC Trading imports petrol, and they have come out frankly to inform marketers that they can no longer sustain it, which means they are subsidising the product all this while,” the National Publicity Secretary, Independent Petroleum Marketers Association of Nigeria, Ukadike Chinedu, stated.
“Of course, the cost of petrol at the pumps may rise further in the coming weeks because up till now we are not getting enough products. So, something urgent and drastic needs to be done to tackle this challenge now.”
This occurred because, in contrast to the Nigerian Upstream and Downstream Petroleum Regulatory Authority’s stance that depots were intended to sell PMS at a set price, private depots were charging between N920 and N950 for a liter of gasoline.
George Ene-Ita, the NMDPRA’s spokesperson, claimed last week that the regulator received different data on gas prices from its employees at the depots.
