Dangote Refinery Suspends Sale of Petroleum Products in Naira
Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in naira, citing the need to align its sales currency with crude oil procurement obligations.
The announcement was contained in a notice sent to petroleum marketers on Wednesday afternoon.
“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,” the company stated.
The refinery explained that the value of petroleum products sold in naira had exceeded the naira-denominated crude it had received, necessitating the temporary shift.
“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 notice read.
The company also dismissed reports alleging that it had suspended loading due to ticketing fraud, describing such claims as “malicious falsehood.”
“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,” it clarified.
Despite the suspension, Dangote Refinery assured marketers and consumers of its commitment to the Nigerian market and promised to resume sales in naira once it receives an allocation of naira-denominated crude from the Nigerian National Petroleum Corporation (NNPC).
“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. We appreciate your understanding and cooperation during this period.”
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