NNPC vows to end fuel queues, denies $6.8 billion debt claim

The Nigerian National Petroleum Company Limited (NNPC) has vowed to eliminate the persistent fuel queues across the country by Wednesday, despite a booming black market for Premium Motor Spirit (PMS) over the weekend.

The company also refuted claims that it owed international oil traders $6.8 billion, which some industry experts have cited as a major factor behind the ongoing fuel scarcity.

In a statement released over the weekend, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, addressed the fuel supply challenges, attributing the scarcity to distribution issues at Apapa ports in Lagos.

He assured Nigerians that the situation would be resolved, and normalcy would return by mid-week.

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However, despite these assurances, oil marketers reported that product loading at depots remained sluggish. This has allowed black market vendors to capitalize on the situation, selling petrol at inflated prices ranging from N1,200 to N1,500 per litre in various parts of the country.

Soneye also denied allegations that NNPC owed $6.8 billion to international traders, explaining that while the company operates on credit, it is meeting its financial obligations in a timely manner.

He also dismissed claims that NNPC had failed to remit funds to the federation account since January, stating that the company regularly pays its taxes and contributes significantly to national revenue.

Despite NNPC’s efforts, the fuel crisis persisted in several states, including Lagos, Abuja, and Osun, with prices surging above N1,000 per litre in some areas. Long queues continued at filling stations, and the scarcity has led to increased transportation costs and frustration among motorists nationwide.