Dangote Refinery reassured marketers and the public of its commitment to supplying petroleum products efficiently. The company noted that once it receives an allocation of crude oil priced in naira from the Nigerian National Petroleum Company (NNPC), it will resume fuel sales in the local currency.
Lagos, Nigeria – Dangote Petroleum Refinery has temporarily suspended the sale of petroleum products in naira, citing the need to align its sales revenue with crude oil procurement costs, which are currently denominated in U.S. dollars.
In an official notice addressed to petroleum marketers on Wednesday, the company clarified that the decision was a temporary measure necessitated by an imbalance between its naira-based sales and the value of crude oil it receives in the local currency.
The refinery explained that while it has been selling petroleum products in naira, the volume of crude oil it procures using the local currency has not matched its sales output. To address this mismatch, it has decided to temporarily adjust its transaction currency to ensure financial sustainability.
The company also dismissed circulating reports alleging a suspension of product loading due to ticketing fraud. It described such claims as baseless and emphasized that its operational systems remain robust, with no recorded fraud incidents.
Dangote Refinery reassured marketers and the public of its commitment to supplying petroleum products efficiently. The company noted that once it receives an allocation of crude oil priced in naira from the Nigerian National Petroleum Company (NNPC), it will resume fuel sales in the local currency.
“We appreciate the understanding and cooperation of our stakeholders during this period,” the notice concluded.
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