The Dangote Petroleum Refinery has announced a temporary halt to the sale of petroleum products in Nigeria’s local currency, Naira. This decision comes in response to financial discrepancies regarding crude oil purchases, which are currently denominated in U.S. dollars. The announcement was communicated in a notice sent to petroleum marketers.
In the notice, the management of the refinery explained that the suspension was necessary to prevent a mismatch between their sales proceeds in Naira and their obligations to purchase crude oil. They noted that sales of petroleum products in Naira had exceeded the value of Naira-denominated crude they had received, prompting the need for this temporary adjustment.
The refinery also addressed rumors circulating online that suggested the halt was due to an incident of ticketing fraud. The management categorically denied these claims, describing them as malicious falsehoods and asserting that their systems are robust, with no fraud issues reported.
In reaffirming its commitment to serving the Nigerian market efficiently and sustainably, the Dangote Refinery indicated that sales in Naira would resume as soon as they receive an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC).
This suspension highlights the ongoing challenges faced by the refinery in navigating the complexities of operating within a fluctuating economic environment, reflecting broader issues in the Nigerian petroleum sector.
