By Our Reporter
Dangote Petroleum Refinery has announced a temporary halt to the sale of petroleum products in Naira, citing a mismatch between its sales proceeds and crude oil purchase obligations, which are currently settled in U.S. dollars. The refinery explained that the suspension is necessary to align the currency used in its sales with the currency used in its crude procurement.
In a statement released on Tuesday, the company clarified that its sales of petroleum products in Naira had surpassed the value of Naira-denominated crude it had received. To resolve this imbalance, the refinery emphasized the need to temporarily adjust its sales currency until it receives an adequate supply of Naira-denominated crude oil.
Addressing rumors circulating online, the refinery strongly refuted claims of suspending sales due to a ticketing fraud incident. “This is a malicious falsehood. Our systems are robust, and there have been no issues with fraud,” the statement read.
The refinery reassured customers that it remains committed to serving the Nigerian market efficiently and sustainably. It also highlighted that sales in Naira would resume as soon as an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC) is received.
Dangote Petroleum Refinery expressed appreciation for the public’s understanding and cooperation during this period of temporary adjustment.
The suspension is expected to be brief, and the refinery remains optimistic about resolving the issue promptly.