Nigeria's fuel crisis deepens as NNPCL admits financial strain and $6.8 billion debt, raising concerns of a potential petrol price hike.
Advertisement
Nigeria may see a rise in petrol prices as the Nigerian National Petroleum Company (NNPCL) reveals severe financial constraints.
NNPCL’s spokesperson, Olufemi Soneye, acknowledged on September 1, 2024, that the company's financial strain is impacting its ability to sustain fuel supply.
The company's $6.8 billion debt to international oil suppliers is a major factor in the ongoing fuel scarcity.
Advertisement
The Major Energy Marketers Association of Nigeria (MEMAN) reported in July that the landing cost of petrol is N1,117 per liter, far exceeding current retail prices.
NNPCL has options including raising fuel prices or selling assets to alleviate the financial burden.
#NigeriaFuelCrisis #NNPCL #PetrolPriceHike #FuelScarcity #FinancialStrain #OilDebt #EnergySector #NigeriaNews
Tags:
Energy Marketers Association
Fuel Price Increase
Fuel Supply Issues
Nigeria Energy Sector
NNPCL Financial Crisis
Oil Debt
Petrol Scarcity
Retail Prices