The Dangote Petroleum Refinery has announced a temporary suspension of sales of petroleum products in Naira, citing the need to align sales proceeds with its crude oil purchase obligations.
The company stated that its crude oil purchases are denominated in U.S. dollars, necessitating the adjustment.
In an official statement dated March 19, 2025, the refinery explained that its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude received, leading to the decision.
“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,” the statement read.
Dangote Refinery also dismissed online claims alleging that operations had been halted due to an incident of ticketing fraud, labeling such reports as “malicious falsehood.”
“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,” the statement clarified.
The refinery reassured Nigerians that it remains committed to serving the local market efficiently and sustainably. It added that sales in Naira will resume once NNPC allocates Naira-denominated crude cargoes.
“As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira,” Dangote Refinery assured.
