Dangote Petroleum Refinery has announced a temporary suspension of its petroleum product sales in Naira. This decision stems from a mismatch between the refinery’s sales proceeds, which are in Naira, and its crude oil procurement obligations, which are paid in U.S. dollars. The company clarified that the Naira sales had exceeded the value of Naira-denominated crude it had received, prompting the need for a pricing adjustment.
In a statement issued on March 19, the refinery explained that it would align its sales structure with the currency used to purchase crude oil to avoid financial discrepancies. The company assured the public that this move was a temporary measure until it receives Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC).
Dangote Refinery also addressed rumors circulating online that the sales suspension was linked to ticketing fraud. The company dismissed these claims as “malicious falsehood,” assuring stakeholders that its systems remained secure and there had been no fraud-related incidents. The refinery emphasized its commitment to resuming Naira sales once the situation is resolved.
The company expressed its dedication to meeting the Nigerian market’s energy needs sustainably and efficiently. It thanked stakeholders for their understanding and cooperation during this period of adjustment. Once the necessary Naira-denominated crude allocation is secured, the refinery intends to promptly resume sales in the local currency.
source: the sun