Nigerian State Fuel Importer Says Debt Hindering Gasoline Supply
- State-owned oil firm acknowledges unpaid dues to suppliers
- Nigerians have had to endure long queues at gas stations
A Nigerian National Petroleum Company Ltd. gas station in Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigerian National Petroleum Co., the nation’s main importer of fuel, said indebtedness and rising prices are hampering its ability to supply gasoline to Africa’s most-populated nation.
The NNPC’s unpaid dues to traders is prompting suppliers to renege on contracts, local media including Lagos-based newspaper Business Day have reported. Africa’s top crude producer imports most of its fuel requirement because of a lack of domestic refining capacity.