Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira.
The announcement was made on Wednesday by the management on Wednesday in a statement it issued.
The decision, it said, followed the need to avoid a mismatch between its sales proceeds and its crude oil purchase obligations, which was said to be at the moment, denominated in U.S.
“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 management stated.
It added that its attention had also been drawn to reports on the internet claiming that it was 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,” the management declared.
