Why There Are Queues At Stations — NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has finally acknowledged a significant debt to petrol suppliers, estimated at $6 billion, which threatens the sustainability of fuel supply in Nigeria.

— Fuel Scarcity Worsens —

The debt has worsened petrol scarcity in Nigeria, a problem that has persisted since the beginning of 2024. Despite previous claims of logistics challenges and flooding, NNPCL spokesman Olufemi Soneye admitted on Sunday that the financial strain poses a significant threat to fuel supply.

— NNPCL Commits to National Energy Security —

In line with the Petroleum Industry Act (PIA), NNPC Ltd remains dedicated to ensuring national energy security and is collaborating with government agencies and stakeholders to maintain a consistent fuel supply.

— Nigeria’s Energy Challenges —

Nigeria faces severe energy challenges, with non-operational state-owned refineries and reliance on imported petroleum products. Fuel queues are widespread, and petrol prices have tripled since May 2023, compounding citizens’ woes.

— Forex Windows Unification and Inflation —

The government’s unified forex windows policy has led to a significant devaluation of the naira, causing prices of food and basic commodities to surge. Nigerians are battling attendant inflation, with prices climbing through the roof.

— IPMAN Highlights Challenges —

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has highlighted the challenges faced by petrol marketers due to high landing costs, making it impossible for them to import petrol.

— Dangote Refinery Commences Operations —

Aliko Dangote’s newly operational refinery in Lagos aims to achieve full capacity by year-end, promising relief in fuel supply. The refinery has begun supplying diesel and aviation fuel to marketers, with petrol supply expected to commence soon.