Dangote Refinery has suspended the sale of its petroleum products in naira, explaining that the decision was necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in United States dollars.
The refinery announced the suspension in a circular sent to its customers yesterday, which was obtained by THISDAY.
To date, Dangote Refinery said its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude it had received, compelling it to temporarily adjust its sales currency to align with its crude procurement currency.
The Aliko Dangote-owned company said it remained committed to serving the Nigerian market efficiently and sustainably, adding that as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC), it would promptly resume petroleum product sales in Naira.
Dangote Refinery equally debunked reports circulating on the internet, claiming that it was stopping product loading due to an incident of ticketing fraud, describing the reports as malicious falsehoods.
