Dangote Refinery has announced the suspension of its petroleum product sales in Naira, citing the need to align its sales currency with the dollar-denominated crude oil purchase obligations. The decision was confirmed in a circular sent to its customers yesterday, which was obtained by THISDAY.
The refinery explained that its sales of petroleum products in Naira had surpassed the value of Naira-denominated crude it had received, creating a mismatch in its financial operations. As a result, the company opted to temporarily adjust its sales currency to match the U.S. dollar, which is used for crude oil procurement.
Dangote Refinery assured the public that the move was aimed at maintaining the sustainability and efficiency of its operations. The company further stated that it would resume sales in Naira as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC).
Additionally, Dangote Refinery dismissed rumors circulating online about a halt in product loading due to ticketing fraud, calling the reports malicious and false.
The decision marks a significant shift in the refinery’s operations, underscoring the challenges faced by Nigerian companies amid fluctuating exchange rates and global oil market dynamics.
