Dangote Petroleum Refinery has temporarily suspended the sale of petroleum products in Naira due to a currency mismatch between sales proceeds and crude oil purchase obligations.
In a press statement issued, Wednesday, March 19, 2025, management of the refinery says it’s sales in Naira have exceeded the value of Naira-denominated crude received, necessitating an alignment with dollar-denominated crude procurement.
This move comes as NNPC’s Naira-for-crude contract is set to expire at the end of March 2025, with discussions ongoing for a new agreement.
The refinery, however, denies any issues related to ticketing fraud, and plans to resume Naira sales once it receives Naira-denominated crude allocations from NNPC.
Below is full text of the statement by Dangote Refinery:
“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 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 a 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.”
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