BREAKING: Dangote Refinery Suspends Sales Of Petrol In Naira
Dangote Petroleum Refinery has announced temporary suspension of the sale of petroleum products in naira until it receives allocation of Naira-denominated crude cargoes from NNPC.
The company, in a notice to petroleum marketers on Wednesday, said the decision was to avoid a mismatch between its sales proceeds and crude oil purchase obligations.
Dangote added that its sale of petroleum products in Naira have exceeded the value of the Naira-denominated crude the company had received
“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.”
Dangote dismissed reports of ticketing fraud at its loading bays, 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.”
The company assured its commitment 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.”
