Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in Naira, citing the need to align its sales currency with its crude oil procurement obligations, which are currently denominated in U.S. dollars.
In a statement issued on March 19, 2025, the refinery explained that the sales of petroleum products in Naira had exceeded the value of Naira-denominated crude it had received, prompting the need for an adjustment in its sales currency.
The company assured customers that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC) Ltd., it will resume sales in Naira promptly.
Addressing rumors that the company had halted loading due to an alleged ticketing fraud incident, Dangote Refinery refuted these claims, calling them "malicious falsehoods." The refinery emphasized the robustness of its operational systems and confirmed that no fraud-related issues had occurred.
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 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.”
The refinery also reassured customers that once an allocation of Naira-denominated crude cargoes from NNPC is received, it will resume the sale of petroleum products in Naira.
“We appreciate your understanding and cooperation during this period,” the statement concluded.
