Dangote announces temporary suspension of sales of petroleum products in naira 

Omeiza Bilal

The management of Dangote Refinery has announced a temporarily halted the sale of petroleum products in Naira.

In a statement by the management of the Refinery, the company said the decision is necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations that is 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. 

“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. 

“We appreciate your understanding and cooperation during this period,” the management said in the statement.