Dangote Refinery Suspends Sale Of Petroleum Products In Naira, Cites Mismatch Of Sales Proceeds With Crude Purchases

Dangote Petroleum Refinery has alerted its customers of suspension of sales of petroleum products in Naira due to current mismatch of its sales proceeds with costs of crude purchases in dollars.

According to a statement by the Dangote Petroleum Refinery management, “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 full text of the statement reads:

TEMPORARY SUSPENSION OF SALES OF PETROLEUM PRODUCTS IN NAIRA

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.

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.

Thank you.

Management

19th March, 2025