The Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in local currency Naira.
This was announced in a viral notice sent to petroleum marketers on Wednesday.
In the notice signed by the Management of Dangote Group, it said the decision was necessary to avoid a ‘mismatch’ between its sale proceeds and its crude oil purchase obligations in US Dollars.
“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.
“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,” it explained.
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