From Adanna Nnamani, Abuja
Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales currency with crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a statement released on Wednesday, the refinery explained that its sales of petroleum products in Naira have exceeded the value of locally sourced crude oil paid for in the local currency.
As a result, the company said it must temporarily adjust its pricing structure to match its crude procurement currency.
The refinery, however, reassured stakeholders of its commitment to resuming Naira sales once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC).
Additionally, Dangote Refinery addressed online reports suggesting that the suspension was linked to ticketing fraud, dismissing the claims as “malicious falsehood.” The company emphasised that its systems remain robust and that no fraud-related incidents have occurred.
“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 a malicious falsehood. Our systems are robust, and we have had no fraud issues.
“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 statement reads.