Dangote Refinery pauses Naira-based petrol sales due to currency disparity
Dangote Petroleum Refinery has temporarily halted petrol sales in naira to address a currency mismatch with its crude oil purchase obligations, which are denominated in U.S. dollars.
In a Friday circular to customers, the refinery explained that its naira-based sales have surpassed the value of naira-denominated crude received. “Consequently, sales will now be conducted in dollars until the Nigerian National Petroleum Company Limited (NNPC) provides crude supplies priced in naira,” it said.
The refinery, however said it’s a short-term measure.
“We will resume naira-based petrol sales as soon as NNPC allocates naira-denominated crude cargoes,” the company stated. It also debunked online reports linking the suspension to alleged ticketing fraud, calling such claims “malicious falsehoods” and affirming the integrity of its systems.
The 650,000 barrels per day Refinery reiterated its commitment to serving the Nigerian market efficiently and sustainably, thanking customers for their understanding and cooperation.
