Dangote Refinery Temporarily Suspends Sales Of Petroleum Products In Naira Amidst Fears Of Fuel Price Increase.

Dangote Petroleum Refinery Says the company is temporarily halting the sale of petroleum products in Naira. This decision according to the management of the Refinery is necessary to avoid a mismatch between the company’s sales proceeds and it’s 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”

A press statement cited by energy news stream called on the public to disregard reports on the internet claiming that the Refinery was stopping loading due to an incident of ticketing fraud. “This is a malicious falsehood. Our systems are robust and we have had no fraud issues”

The petroleum company further noted that it remains committed to serving the Nigerian market efficiently and sustainably, declaring that As soon as it receives allocation of Naira-denominated crude cargoes from NNPC, it will immediately resume petroleum product sales in Naira.