Dangote Petroleum Refinery has paused selling petroleum products in Naira to prevent discrepancies between its sales revenue and crude oil purchase obligations, which are currently in U.S. dollars.
In a notice issued to customers on Wednesday, the refinery’s management explained that the value of petroleum products sold in Naira has surpassed the worth of Naira-denominated crude it has received.
The statement also dismissed online reports alleging that loading operations were halted due to ticketing fraud, labeling such claims as false and misleading.
The notice stated:
“We want to inform you that Dangote Petroleum Refinery has temporarily suspended petroleum product sales in Naira. This step is essential to ensure alignment between our sales revenue and crude oil procurement costs, which are currently priced in U.S. dollars.
“So far, our petroleum product sales in Naira have exceeded the value of Naira-denominated crude received. Therefore, we need to temporarily adjust our sales currency to match the currency used for crude procurement.
“We have also noticed false online reports suggesting that we stopped loading due to a ticketing fraud incident. These claims are entirely baseless. Our systems are robust, and we have not encountered any fraud-related issues.
“We remain dedicated to efficiently and sustainably serving the Nigerian market. Once we receive an allocation of Naira-denominated crude cargoes from NNPC, we will immediately resume petroleum product sales in Naira.”
This development follows recent clarifications from the Nigerian National Petroleum Company (NNPC) Limited and the federal government, refuting claims that crude oil sales to Dangote and other local refineries in Naira had been stopped.
Source:tribuneonlineng.com
