By The Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
A statement from the company said: “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 also disclosed that there had been 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.”
Meanwhile, the company assured its customers of its committed to serving the Nigerian market efficiently and sustainably adding that “as soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.”
