The Dangote Refinery has announced a temporary suspension of the supply of petroleum products in Naira.
This decision follows reports that the Nigerian National Petroleum Company Limited (NNPC) might have stopped the sale of crude in Naira to the refinery.
Dangote Petroleum Refinery explained that the suspension is necessary to avoid a mismatch between sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
Additionally, the refinery debunked online reports claiming it was halting loading operations due to an incident of ticketing fraud, describing such claims as malicious falsehoods.
The notice reads in full:
“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.“
