In a strategic move to align its financial operations with crude oil procurement obligations, the Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira.
In a statement issued on Tuesday, the refinery management clarified that this decision was necessary due to the disparity between its Naira-based sales proceeds and the crude oil purchases, which are transacted 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,” the statement read.
The company also dismissed reports circulating online suggesting that loading operations were halted due to ticketing fraud. Dangote Refinery described such claims as “malicious falsehood,” emphasizing that its systems remain robust and secure against fraudulent activities.
The refinery reassured Nigerians that it remains committed to serving the domestic market efficiently and sustainably.
It further stated that as soon as the Nigerian National Petroleum Company Limited (NNPC) allocates Naira-denominated crude cargoes, the company will resume selling petroleum products in Naira.
