…says we can’t buy crude in dollars and sell products in Naira
Management of Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira.
According to a statement by the Refinery’s spokesperson, Sunday Essay, this decision was necessary to avoid a mismatch between “our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.
The refinery noted that to date, its sales of petroleum products in Naira have exceeded the value of Naira-denominated crude it has 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 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,” the statement concluded.
