FUEL SCARCITY: WE’LL PAY BUT NOT NOW.’ - NNPC IS BROKE, BEGS IMPORTERS TO SUPPLY FUEL ON CREDIT

Business Oct 12, 2022 0 265 Add to Reading List

Mele Kyari, NNPC Chief Executive Officer, stated this during an interview where he said the company would pay in due time. Kyari stated that the development is due to falling crude oil prices and Nigeria's declining production capacity.

Nigeria National Petroleum Company Limited has asked for three months extension from fuel importers as it defers their payments. According to the company, this is due to the declining oil price.

NNPC Chief Executive Officer, Mele Kyari announced the development during an interview with Bloomberg on Monday, October 10, 2022

The importers which major oil companies have been importing fuel on credit into Nigeria for some time now.

Hopeful, this does not lead to fuel scarcity.