Dangote Petroleum Refinery temporarily halts Naira-based sales to align with crude procurement in U.S. dollars, dismisses fraud claims

[dropcap]D[/dropcap]angote Petroleum Refinery has announced the temporary suspension of petroleum product sales in Naira.

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This decision, effective immediately, is aimed at addressing a financial mismatch between the refinery’s sales proceeds and crude oil purchase obligations, which are currently settled in U.S. dollars.

The refinery explained that its Naira-denominated petroleum product sales have outpaced the value of Naira-denominated crude oil it has received, making this adjustment necessary to align its sales currency with the currency used for crude procurement. As a result, the refinery will pause sales in Naira until further notice.

In response to circulating rumours online, Dangote Petroleum Refinery strongly refuted claims that the halt was due to ticketing fraud.

The company assured the public that its systems are secure and that no such fraud issues have occurred. The false reports were labelled as “malicious” by the refinery’s management, who reiterated their commitment to maintaining robust operational processes.

The refinery also expressed its ongoing dedication to serving the Nigerian market, emphasising that the sale of petroleum products in Naira will resume promptly once an allocation of Naira-denominated crude cargoes is received from the Nigerian National Petroleum Corporation (NNPC).