Dangote Refinery Temporarily Suspends Sale Of Petroleum Products In Naira.
Dangote Petroleum Refinery has announced a temporary halt in the sale of petroleum products in naira. The decision, the management explained, is aimed at aligning its sales revenue with its crude oil purchase obligations, which are currently denominated in US dollars.
In a statement issued on Wednesday, the refinery’s management clarified that the move was necessary due to an imbalance between the refinery’s naira-based sales and the crude oil it has received in naira.
“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 statement read.
The refinery also dismissed online reports suggesting that it had suspended operations due to a ticketing fraud incident, describing such claims as “malicious falsehood.”
“Our systems are robust, and we have had no fraud issues,” the management affirmed.
Dangote Refinery reiterated its commitment to serving the Nigerian market efficiently and sustainably, assuring that it would resume sales in naira once it receives an allocation of naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC).
