Our reporter/ Dangote Petroleum Refinery has suspended the sale of petroleum products to customers in Naira.
In a notice made public to customers on Wednesday, the refinery said the decision is necessary to avoid a mismatch between their sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
The refinery also denied reports that it plans to stop loading products over incidents of ticketing fraud.
The full text of the notice is published below…
TEMPORARY SUSPENSION OF SALES OF PETROLEUM PRODUCTS IN NAIRA
Dear Valued Customers,
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.
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.
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 a malicious falsehood. Our systems are robust and we have had no fraud issues.
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.
Thank you.
Management
19th March, 2025
Kind Regards
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