In a strategic move to align its revenue streams with crude oil procurement costs, Dangote Petroleum Refinery has announced a temporary halt in the sale of petroleum products using the Nigerian Naira. The company cited the need to prevent financial discrepancies as its crude oil purchases are currently conducted in U.S. dollars.
According to an official statement from the refinery, the volume of petroleum products sold in Naira has exceeded the value of Naira-denominated crude oil received. To maintain financial stability, the company is adjusting its sales currency to match its crude procurement currency.
Additionally, Dangote Refinery has dismissed circulating reports alleging that loading operations were halted due to ticketing fraud. The company labeled such claims as false and misleading, assuring the public that its operational systems remain secure and uncompromised.
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Despite this temporary adjustment, the refinery reaffirmed its commitment to supplying petroleum products to the Nigerian market. It assured customers that once it receives Naira-denominated crude allocations from the Nigerian National Petroleum Corporation (NNPC), transactions in Naira will resume without delay.
As the refinery navigates this transition, it has urged stakeholders to remain patient, emphasizing that the move is necessary to sustain efficient operations in the long run.
