Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in Naira. This decision is aimed at avoiding a mismatch between the company’s sales proceeds and its crude oil purchase obligations, which are currently denominated in US dollars.
According to the company, the temporary suspension is necessary because the sales of petroleum products in Naira have exceeded the value of Naira-denominated crude received. As a result, the company must adjust its sales currency to align with its crude procurement currency.
The company has denied reports claiming that the suspension is due to an incident of ticketing fraud. Dangote Petroleum Refinery assured that its systems are robust and that there have been no fraud issues.
The company remains committed to serving the Nigerian market efficiently and sustainably. The temporary suspension will be lifted as soon as the company receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC).
Dangote Petroleum Refinery appreciates the understanding and cooperation of its customers during this period and looks forward to resuming petroleum product sales in Naira soon.