The Nigerian National Petroleum Company Limited (NNPC) has finally acknowledged its crippling $6bn debt to petrol suppliers, a revelation that threatens to worsen the fuel scarcity plaguing the nation.
“It’s a financial strain that has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply,” NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, admitted.
As the debt continues to mount, fears are growing that the Federal Government may be forced to abandon its subsidy payments, leading to a potentially devastating price hike.
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“If they want to deregulate, let them deregulate fully,” said Hammed Fashola, National Vice Chairman of the Independent Petroleum Marketers Association of Nigeria. “We need to brace up and face the reality once and for all.”
With prices already soaring above N900 per liter in some areas, Nigerians are bracing themselves for even darker days ahead.
The NNPC’s admission has sparked widespread concern, with many fearing the worst is yet to come.
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