March 19, (THEWILL) – The Dangote Refinery has announced the temporary suspension of petroleum product sales in naira.
A statement issued by the refinery on Wednesday said the decision aims to prevent a mismatch between sales proceeds and crude oil purchase obligations, which are denominated in US dollars.
The refinery explained that its naira-denominated petroleum product sales have exceeded the value of naira-denominated crude oil received. It also dismissed reports alleging a halt in loading due to ticketing fraud.
In a notice titled “Dear Valued Customers”, the refinery stated:
“We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to align sales proceeds with crude procurement obligations, currently settled in US dollars.
“To date, our naira sales surpass the value of naira-denominated crude received. We will resume naira sales once allocated to naira-denominated crude cargoes from NNPC.
“Reports of halted operations due to ticketing fraud are malicious falsehoods. Our systems remain robust, with no fraud incidents.
“We appreciate your understanding and cooperation.”
Earlier, the Nigerian National Petroleum Company (NNPC), Limited confirmed ongoing discussions with the refinery for a fresh naira-for-crude agreement.
Introduced on October 1, 2024, the initiative allows domestic refiners to purchase crude in naira, aiming to bolster local refining capacity, reduce fuel import dependency, and stabilise the currency by easing foreign exchange pressure.
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