Dangote Refinery Temporarily Suspends Sale of Petroleum Products in Naira
The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales proceeds with crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a statement released by the refinery, the company clarified that its sales in Naira have exceeded the value of Naira-denominated crude it has received, making it necessary to adjust its sales currency.
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations,” the statement read.
Dangote Refinery also addressed recent online reports suggesting that loading operations were halted due to ticketing fraud, dismissing such claims as “malicious falsehood.” The company assured the public that its systems remain robust, and no fraudulent activities have been recorded.
The refinery reaffirmed its commitment to efficient and sustainable service to the Nigerian market, assuring that once it receives an allocation of Naira-denominated crude cargoes from NNPC, it will immediately resume petroleum product sales in Naira.
“We appreciate the understanding and cooperation of our stakeholders during this period,” the company added.
The temporary suspension has sparked discussions on the potential impact on local fuel pricing and availability, as industry stakeholders and consumers await further developments.
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