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Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in Naira.
This decision according to management, is aimed at avoiding a mismatch between the company’s sales proceeds and its crude oil purchase obligations, which are currently denominated in US dollars.
According to the company, the temporary suspension is necessary due to the excess of Naira sales over the value of Naira-denominated crude received.
“The company will adjust its sales currency to align with its crude procurement currency.
Dangote Petroleum Refinery has also debunked reports claiming that the suspension is due to an incident of ticketing fraud, describing it as a malicious falsehood. The company assured that its systems are robust and that there have been no fraud issues.
“The company remains committed to serving the Nigerian market efficiently and sustainably. Petroleum product sales in Naira will resume as soon as the company receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC)”, it added.
