The Dangote Refinery has announced a temporary halt in the sale of its petroleum products in Naira, citing the need to address a mismatch between sales proceeds and crude oil purchase obligations, which are currently in United States dollars.
In a circular sent to its customers, the refinery clarified that its sales in Naira had surpassed the value of Naira-denominated crude it has received. This discrepancy has necessitated an adjustment in the currency used for sales to align with the currency of its crude procurement.
The refinery, owned by Aliko Dangote, has reaffirmed its commitment to serving the Nigerian market efficiently and sustainably. They stated that sales in Naira would resume as soon as they receive an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC).
Additionally, the Dangote Refinery addressed rumors circulating online regarding a suspension of product loading due to alleged ticketing fraud, labeling these claims as malicious falsehoods. The statement reassured customers of the integrity of its systems, emphasizing that there have been no fraud incidents.
The statement read:
"Dear valued customers, we wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is essential 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 circulating on the internet claiming that we are halting loading due to an incident of ticketing fraud. This is false and malicious. Our systems are robust, and we have had no issues related to fraud.
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."
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