Dangote Petroleum Refinery has announced a temporary suspension of its petroleum product sales in Naira, citing the need to align its sales transactions with crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a statement issued by the refinery’s management on Wednesday, March 19, 2025, the company explained that the decision was made to prevent a currency mismatch between its revenue from petroleum product sales and the payments required for crude oil procurement.
“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received,” the statement read.
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.”
The refinery assured its valued customers that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC), it will promptly resume sales in Naira.
Dangote Refinery also addressed reports circulating online that it had suspended loading operations due to alleged ticketing fraud. The company dismissed the claims as false and malicious.
“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 a malicious falsehood,” the company stated.
“Our systems are robust, and we have had no fraud issues.”
Reaffirming its commitment to the Nigerian market, the refinery emphasized its dedication to serving customers efficiently and sustainably during the transition period.
“We appreciate your understanding and cooperation during this period,” the statement concluded.
