BREAKING: Dangote Refinery suspends sale of Petroleum Products in Naira

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 in U.S. dollars.

The decision was communicated to petroleum marketers in a notice issued on Wednesday afternoon. In the statement, obtained by Daily Trust, the company explained the reason for the suspension.

“We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”

The company further clarified that its sales in naira had exceeded the value of naira-denominated crude oil received, making it necessary to adjust its sales currency.

Addressing reports circulating online, Dangote Refinery dismissed claims that loading operations were halted due to ticketing fraud, calling such reports “malicious falsehood.” The company assured that its systems remain robust with no fraud-related issues.

The refinery reiterated its commitment to serving the Nigerian market and assured that sales in naira would resume once it receives an allocation of naira-denominated crude from the Nigerian National Petroleum Corporation (NNPC).

“We appreciate your understanding and cooperation during this period.” the statement concluded.