Dangote Petroleum Refinery has announced suspension of sale of petroleum products in naira.
According to Daily Trust, this was announced in a notice sent to petroleum marketers, on Wednesday afternoon.
The company said the decision is temporary, explaining why it took the decision.
“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 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.”
Recall that the federal government kicked off the Naira-for-crude deal sale with Dangote Refinery in October 2024.
With the deal, Dangote Refinery sold to Nigerian marketers in naira because it buys crude in the local currency through NNPCL.
In the past few months, the price of premium motor spirit fell to at least N860 per litre as a price war between Dangote Refinery and NNPCL kicked off.
