Oil giant Nigeria National Petroleum Company Limited (NNPCL) yesterday admitted that its financial strain may affect the sustainability of petrol supply.
Its admittance came on the heels of reports that it is indebted to suppliers to the tune of about $6 billion.
According to the reports, supply agents have been reluctant to make the product available. The development has forced the oil giant to resort to stock rationing and to prevail on major suppliers not to cut off supply.
No fewer than five vessels meant for Nigeria have refused to discharge fuel to NNPCL due to fear of non-payment, one of the major suppliers said at the weekend.
It was learnt that the $300 million bailout by the Federal Government was not enough for the company to sustain petrol supply nationwide.
Only a few filling stations had the product to dispense to end-users yesterday, forcing desperate motorists to queue for hours in Lagos, Abuja and other cities.
Independent marketers took advantage of the situation to sell a litre of petrol for as high as N950 in some parts of Lagos. It sold for more in other states.
