The Dangote Petroleum Refinery has announced a temporary halt in the sale of its petroleum products in naira, citing the need to align its revenue with its crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a notice issued to customers on Wednesday, the refinery stated that its naira-based sales had exceeded the value of naira-denominated crude oil received, making the adjustment necessary.
“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 in U.S. dollars,” the statement read.
The company also dismissed online reports suggesting that it had stopped loading due to ticketing fraud, calling such claims “malicious falsehoods.”
The development comes amid ongoing discussions in Abuja by the federal government’s committee on the naira-for-crude policy. The Nigerian National Petroleum Company (NNPC) Limited and federal authorities recently denied reports that they had discontinued the sale of crude oil to Dangote and other local refineries in naira.
Dangote Refinery emphasized its commitment to serving the Nigerian market and assured customers that sales in naira would resume once it receives new allocations of naira-denominated crude from the NNPC.
