Business
Dangote Refinery temporarily suspends sale of petroleum products in Naira
The Dangote Petroleum Refinery has announced a temporary halt in the sale of petroleum products in Naira. The decision, according to the company’s management, is aimed at addressing a currency mismatch between its sales proceeds and crude oil procurement obligations, which are currently settled in US dollars.
In a statement released on 19th March 2025, Dangote Refinery explained that its sales of petroleum products in Naira had exceeded the available supply of Naira-denominated crude. To maintain operational balance, the company stated that it was necessary to align its sales currency with that used for crude oil purchases.
Addressing recent online claims regarding alleged ticketing fraud leading to a suspension of loading activities, Dangote Refinery dismissed these reports as false. The company assured the public that its systems remain robust and have not experienced any fraudulent issues.
Despite the temporary suspension, the refinery reaffirmed its commitment to serving the Nigerian market efficiently. It assured customers that once an allocation of Naira-denominated crude from the Nigerian National Petroleum Company (NNPC) is received, sales in Naira would promptly resume.
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