The persistent fuel scarcity plaguing Nigeria may escalate as the Nigerian National Petroleum Company Limited (NNPCL) struggles with a staggering $6 billion debt owed to petrol suppliers. This financial strain has already caused significant disruptions, with fuel prices soaring to between N900 and N1,200 per liter in various parts of the country. The worsening fuel crisis is severely affecting the economic and social well-being of Nigerians.
In a recent statement, Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, acknowledged the gravity of the situation. He admitted that the company's financial difficulties are putting immense pressure on its ability to maintain a stable fuel supply. This confirmation comes amid growing concerns that the already critical fuel situation could deteriorate further.
Soneye’s statement emphasized that NNPCL, as mandated by the Petroleum Industry Act (PIA), remains committed to ensuring national energy security. However, the company’s role as the supplier of last resort is increasingly under threat due to the mounting debt. The NNPCL is currently working in collaboration with government agencies and stakeholders to address the situation, but the outlook remains grim.
The situation has reached a point where some fuel suppliers have reportedly halted deliveries to NNPCL due to fears of non-payment. According to industry insiders, at least five vessels, originally designated to supply fuel to Nigeria, have refused to discharge their cargo, exacerbating the fuel shortage.
This has had a ripple effect on fuel prices across the country. Filling stations, particularly in the South and North Central regions, have responded to the supply disruptions by hiking prices to unprecedented levels, further straining the pockets of ordinary Nigerians.
The fuel crisis, which has persisted throughout the year, is now threatening to plunge the country into deeper economic challenges. With the NNPCL’s debt situation unresolved, the likelihood of an immediate solution seems slim, leaving millions of Nigerians to brace for more difficult days ahead.
As the fuel scarcity continues, the situation calls for urgent intervention by the government and relevant authorities to avert a total collapse of the fuel supply chain. The NNPCL’s efforts to stabilize the supply will be critical in determining how long Nigerians will continue to endure these hardships.