LONG QUEUES RETURNS TO PETROL STATIONS ACROSS NIGERIA, AS REPORT EMERGES OF NNPCL’S STRUGGLES TO PAY $6 BILLION PETROL PAYMENT BACKLOG.

Long queues are gradually returning to petrol stations across Nigeria, raising
fresh concerns about shortages as the Nigerian National Petroleum Company
Ltd (NNPCL) struggles with a staggering $6 billion petrol payment backlog.

Reports say the NNPCL owes around $6 billion to international traders for
imported petrol as traders said the state-owned company is taking more days
to make payment instead of within 90 days.

It quoted Reuters as saying that NNPC’s mounting debt, which includes
overdue payments exceeding $4 billion-$5 billion for January imports alone
as several international petrol suppliers have ceased participating in recent
tenders.

The report said the only reason traders are still doing business with NNPCL
is the $250,000 a month (per cargo) for late payment compensation, adding
that payment delays underscore the creeping return of fuel subsidies which
was scrapped in May 2023.

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