Dangote Petroleum Refinery, has announced a temporary halt in the sale of petroleum products in naira.
The company in an electronic statement sent to newsmen on Wednesday, March 19, blamed the situation on “a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”
The statement explained: “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.
Related Articles: NNPCL denies ending naira-for-crude deal with Dangote refinery
Dangote unveils plans for Nigeria’s largest Seaport in Ogun
Nigeria’s manufacturing set to boom as Dangote Refinery begins Polypropylene production
Dangote Refinery slashes petrol price again, Nigerians to pay less
“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.”
