The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is broke, hence unable to service debt owed fuel suppliers hence signaling an era of biting fuel crisis even at high prices.

In Lagos, filling stations that have fuel are selling at between N900 and N1000. Most NNPC mega stations and franchise stations visited by Political Economist NG reporter are without petrol. Other filling stations that had petrol had long queues especially the few selling at below N800 per litre.

“This is embarrassing and frustrating. They told us there will be petrol everywhere after deregulation and implementation of the Petroleum Act but see for yourself, it has become worse at very high price. I have been on this queue for over 2 hours and see where I am, still far from the sales point,” an angry Mr Idowu Olaleye fumed as he tapped on his steering.

NNPC Limited said it is experiencing financial strain, which has put considerable pressure on the company and poses a threat to the sustainability of fuel supply.

Mr Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, made this known in a statement on Sunday, acknowledging reports in national newspapers regarding the company’s significant debt to petrol suppliers.

The fuel queues and scarcity have been attributed to the $6 billion owed by NNPC Ltd to suppliers, causing them to become reluctant about importing Premium Motor Spirit (PMS) for the company.

Reacting to the situation, Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.

“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security,” he said.

NNPC was actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide, he stressed.