In a move aimed at aligning its sales proceeds with crude oil purchase obligations, Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in Naira.
According to a statement released by the management of Dangote Petroleum Refinery, the decision was necessitated by the mismatch between the company’s sales proceeds in Naira and its crude oil purchase obligations, which are denominated in US dollars.
The company explained that its sales of petroleum products in Naira have exceeded the value of Naira-denominated crude it has received, prompting the need for a temporary adjustment in its sales currency.
Dangote Petroleum Refinery has denied reports circulating on the internet that the temporary suspension of sales was due to an incident of ticketing fraud. The company described the reports as “malicious falsehood” and assured that its systems are robust and free of fraud issues.
The management of Dangote Petroleum Refinery has assured its customers that the temporary suspension of Naira sales is not a permanent decision. The company has promised to resume petroleum product sales in Naira as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC).
In the meantime, the company has appealed for understanding and cooperation from its customers, assuring them of its commitment to serving the Nigerian market efficiently and sustainably.
