Dangote refinery stops naira sale of petroleum products

The Dangote Refinery

Dangote refinery stops naira sale of petroleum products

Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira.

In a statement on Wednesday, the management said it took the decision to avoid a mismatch between the refinery’s sales proceeds and its 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. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the management said.

The management dismissed reports on the internet claiming that its refinery is 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 management said.

Reiterating its commitment to serving the Nigerian market efficiently and sustainably, the management said “as soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira.”