The Nigeria National Petroleum Company Limited (NNPCL) is currently facing significant challenges in securing petrol supplies due to mounting debts, which have reportedly reached over $6 billion. As a result, global suppliers are increasingly reluctant to provide petrol to NNPCL on credit, leading to disruptions in fuel supply across the country.
According to industry insiders, at least five vessels intended to deliver petrol to Nigeria have refused to discharge their cargoes over concerns that NNPCL may not be able to pay upon delivery. This situation has forced NNPCL to ration its available stock and appeal to long-term suppliers to continue their support despite the financial uncertainties.
The shortage of fuel has been exacerbated by the slowdown in bulk sales to depot owners, leading to visible scarcity and long queues at petrol stations over the past few months. The NNPCL has been struggling to maintain supply levels, and the situation reportedly worsened when bulk sales came to a halt, further straining the downstream sector.
In mid-August, the Federal Government intervened by providing funds to help NNPCL pay off some of its outstanding debts in an attempt to restore confidence among suppliers. However, the ongoing financial difficulties continue to pose a threat to the stability of fuel supply in Nigeria.
