Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in naira, citing the need to align its sales currency with its crude oil procurement obligations, which are currently in U.S. dollars.
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Daily News 24 reports that the information was disclosed in a statement issued by the refinery’s management on Wednesday. According to the statement, the decision was made due to an imbalance between its naira sales and the value of naira-denominated crude received. The refinery explained that its sales in naira had exceeded the crude supplied in the local currency, making the adjustment necessary.
“Our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the statement read.
Dangote Refinery also dismissed online reports alleging that loading activities were suspended due to ticketing fraud, describing such claims as “malicious falsehood.”
“Our systems are robust, and we have had no fraud issues,” the company stated, reaffirming its commitment to serving the Nigerian market efficiently.
The refinery assured that it would resume selling petroleum products in naira once it receives an allocation of naira-denominated crude from the Nigerian National Petroleum Company (NNPC).
“We appreciate your understanding and cooperation during this period,” the management added.
