The Dangote Petroleum Refinery has suspended sales of its petroleum products in Naira, saying the decision is to avoid a mismatch between sales proceeds and crude oil purchase obligations.
According to the refinery, the move is momentary, though no specific date was given which the suspension will be lifted.
The refinery, in a notice addressed to its customers on Wednesday by its management, said the sale of petroleum products from the refinery have exceeded the value of Naira-denominated crude it has received. Continue Reading…
The notice reads, “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 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.” Continue Reading…
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