Breaking: Dangote Refinery Suspends Sale Of Petrol In Naira

Dangote Petroleum Refinery has declared a temporary halt on the sale of petroleum products in Nigerian currency, the naira.

This announcement was made in a notice distributed to petroleum marketers on Wednesday afternoon.

According to the notice, the company provided an explanation for this decision, emphasizing that it is a temporary measure.

Dangote Refinery has reaffirmed its dedication to effectively and sustainably meeting the needs of the Nigerian market.

It stated that once it obtains an allocation of Naira-denominated crude shipments from NNPC, it will swiftly restart the sale of petroleum products in Naira.

“We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. 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. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency. 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.

Don’t miss out on any real-time information. Join our WhatsApp group to stay updated.

CLICK HERE TO JOIN

“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period,” the announcement reads.