Dangote Refinery has announced the temporary suspension of petroleum product sales in Naira, citing the failure of the Federal Government to renew its crude-for-naira agreement with NNPC Limited. The company explained that the suspension was necessary to prevent a discrepancy between its sales revenue and crude oil purchase obligations, which are currently in U.S. dollars.
In an official statement, Dangote Refinery clarified the situation, stating, “We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is crucial to avoid a mismatch between our sales proceeds and crude oil procurement costs, which are denominated in U.S. dollars.”
The refinery further explained that their Naira-denominated sales had surpassed the value of the Naira-based crude oil they had received, prompting the need to adjust the currency for sales to align with the foreign currency obligations tied to crude purchases.
Additionally, Dangote Refinery responded to rumors circulating online, which claimed the halt in loading was due to fraud involving ticketing. The company dismissed these reports as “malicious falsehoods,” affirming that their systems remain secure and free from fraud.
“We remain committed to serving the Nigerian market efficiently and sustainably,” the statement continued. “Once we receive an allocation of Naira-denominated crude cargoes from NNPC, we will resume petroleum product sales in Naira promptly.”
The refinery thanked the public for their understanding during this period of adjustment and emphasized its commitment to the Nigerian market.
