Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in Naira, effective immediately. This decision was communicated in a notice sent to petroleum marketers on Wednesday afternoon.
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The refinery explained that the suspension is a necessary step to address a mismatch between the sales proceeds from petroleum products and the obligations associated with crude oil purchases, which are denominated in U.S. dollars.
According to the statement, sales of petroleum products in Naira have exceeded the value of Naira-denominated crude received by the company, prompting the need for an adjustment in the sales currency to align with the currency used for crude procurement.
The company further clarified reports circulating online suggesting the suspension was due to a ticketing fraud incident, labeling such claims as “malicious falsehood.” Dangote Petroleum Refinery emphasized that its systems are robust and have not experienced any fraud-related issues.
The refinery assured the public that it remains fully committed to serving the Nigerian market and that it will promptly resume sales in Naira once an allocation of Naira-denominated crude cargoes is received from the Nigerian National Petroleum Corporation (NNPC).
The company thanked stakeholders for their understanding and cooperation during this temporary period.
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