Dangote Refinery Suspends Petrol sales in Naira, Cites Dollar Crude Obligations.
The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in naira, saying the move is necessary to avoid a currency mismatch with its crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a circular sent to customers on Friday, the company explained that while it has continued selling products in naira, the value of such sales has already exceeded the amount of naira-denominated crude it has received. To realign its operations, it said sales will now be restricted to dollars until it gets further crude supplies priced in the local currency from the Nigerian National Petroleum Company Limited (NNPC).
The refinery, owned by billionaire industrialist Aliko Dangote, stressed that the decision is a temporary adjustment. “As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the company assured.
Dangote Refinery also dismissed online reports suggesting that the halt was linked to alleged ticketing fraud. It described such claims as “malicious falsehood,” insisting its systems remain robust and free of fraud issues.
Reaffirming its commitment to the Nigerian market, the company said: “We remain dedicated to serving the market efficiently and sustainably. We appreciate your understanding and cooperation during this period.”
The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in naira, saying the move is necessary to avoid a currency mismatch with its crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a circular sent to customers on Friday, the company explained that while it has continued selling products in naira, the value of such sales has already exceeded the amount of naira-denominated crude it has received. To realign its operations, it said sales will now be restricted to dollars until it gets further crude supplies priced in the local currency from the Nigerian National Petroleum Company Limited (NNPC).
The refinery, owned by billionaire industrialist Aliko Dangote, stressed that the decision is a temporary adjustment. “As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the company assured.
Dangote Refinery also dismissed online reports suggesting that the halt was linked to alleged ticketing fraud. It described such claims as “malicious falsehood,” insisting its systems remain robust and free of fraud issues.
Reaffirming its commitment to the Nigerian market, the company said: “We remain dedicated to serving the market efficiently and sustainably. We appreciate your understanding and cooperation during this period.”
Dangote Refinery Suspends Petrol sales in Naira, Cites Dollar Crude Obligations.
The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in naira, saying the move is necessary to avoid a currency mismatch with its crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a circular sent to customers on Friday, the company explained that while it has continued selling products in naira, the value of such sales has already exceeded the amount of naira-denominated crude it has received. To realign its operations, it said sales will now be restricted to dollars until it gets further crude supplies priced in the local currency from the Nigerian National Petroleum Company Limited (NNPC).
The refinery, owned by billionaire industrialist Aliko Dangote, stressed that the decision is a temporary adjustment. “As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the company assured.
Dangote Refinery also dismissed online reports suggesting that the halt was linked to alleged ticketing fraud. It described such claims as “malicious falsehood,” insisting its systems remain robust and free of fraud issues.
Reaffirming its commitment to the Nigerian market, the company said: “We remain dedicated to serving the market efficiently and sustainably. We appreciate your understanding and cooperation during this period.”
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