Dangote Refinery has temporarily halted the sale of petroleum products in Naira, citing a mismatch between its sales proceeds and crude oil purchase obligations, which are denominated in US dollars.
In a circular sent to its customers, the refinery explained:
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are 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.”
The refinery assured customers that it remains committed to serving the Nigerian market efficiently and sustainably. It plans to resume petroleum product sales in Naira once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC).
Dangote Refinery also debunked reports claiming that it stopped product loading due to ticketing fraud, describing them as “malicious falsehoods.”
The statement read:
“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.”
The refinery appreciated customers’ understanding and cooperation during this period, saying:
“We appreciate your understanding and cooperation during this period.”
