Dangote Refinery stops sale of petroleum products in naira

Dangote Petroleum Refinery has announced the suspension of the sale of petroleum products in naira.

This was announced in a notice sent to petroleum marketers on Wednesday afternoon.

In the notice, the company said the decision was 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.

READ ALSO: Sales of crude oil in naira was a 6-month agreement – NNPCL clarifies

“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,” the notice said.

Follow the Neptune Prime channel on WhatsApp:

Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com