Due to mounting debt, international petrol suppliers are no longer eager to provide the product to the Nigeria National Petroleum Company Limited (NNPCL) on credit, Sunday Vanguard has learnt.

Our correspondent was informed last night by knowledgeable industry sources that NNPCL, which only imports the goods through supply brokers, is reportedly burdened by more than $6 billion in debt that the company has not yet paid off.

Our correspondent gathered that the setback appears to be the cause of the ongoing disruptions in fuel supplies in recent weeks, based on information from reliable sources.

According to a source with knowledge of the PMS importation into the nation, as of right now, no fewer than five vessels that were ready to provide Nigeria with petrol have declined to discharge the commodity to NNPC out of concern that they won’t be paid in cash upon delivery.

The insider noted that the strain on the petroleum industry has increased due to the growing debt, which

Speaking on the phone under anonymity, a senior NNPC official stated that the business is having trouble supplying dealers since it doesn’t have enough supplies on hand.

“Bulk sales of ships and trucks to depot owners have slowed down in the last five days due to shortage of supply,” bemoaned the official.

The source went on to say that the downstream industry was experiencing scarcity because there had not been any bulk transactions since Tuesday.

Another employee of NNPC told this publication that the main reason for the fuel shortage that has resulted in the lengthy lines over the past two months is because suppliers who are underpaid by the Nigerian oil company have reduced their supply of goods.

“I knew at certain moments in mid-August that the Federal Government had to step in and give money to NNPC to defray some of the outstanding liabilities and boost the confidence of the suppliers to continue,” the top official said.