Dangote Petroleum Refinery has announced the temporary suspension for the sale of its petroleum products in Naira.
The Dangote Group disclosed this in a statement signed by its management on Wednesday, explaining that the decision is necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
“To date, 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.
“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues,” the statement noted.
The refinery reiterated its commitment to serving the Nigerian market efficiently and sustainably.
It added that it will promptly resume petroleum product sale in Naira as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPCL).
