As Nigerians lament the ripple effect of fuel scarcity across the country, the nation’s oil company, the NNPC, continues to groan under the weight of huge debts owed both domestic and foreign suppliers of petroleum products.
Sources familiar with details of the matter told PREMIUM TIMES on Saturday that there appears to be no solution to the fuel crisis in the short term, as suppliers are being owed $6 billion by the Nigerian National Petroleum Company Limited (NNPC Ltd).
In a development that could worsen the fuel crisis in the coming days, sources said vessel and truck owners have slowed down on supply and import amid mounting debts.
“Others who have (petroleum) products in their depots are slowing down supply to tankers,” one of the major suppliers told PREMIUM TIMES.
As a result, the state-owned oil firm has been rationing stock and prevailing on major suppliers not to cut off supply.
An insider told PREMIUM TIMES that the debt situation is so critical and…