- Safiu Kehinde
Dangote Refinery has confirmed the suspension of the sales of fuel in Naira.
This was contained in a statement issued on the company’s official X handle on Wednesday.
NPO Reported earlier the collapse of the refinery’s Naira-for-Crude deal with the Nigerian National Petroleum Company (NNPC) Limited.
Announcing the suspension of the fuel sales, Dangote stated that the decision was made to avoid mismatch between the refinery’s sales proceeds and its crude oil purchase obligations, which are currently denominated in U.S. dollars.
While dismissing claims that it stopped loading due to an incident of ticketing fraud, Dangote refinery assured Nigerians of quick resumption of petroleum product sales in Naira as soon as it receives an allocation of Naira-denominated crude cargoes from NNPC.
The statement read in part; “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. Thank you.”