Dangote Petroleum Refinery has announced the temporary suspension of petroleum products in Naira.
This was disclosed in a statement released by the management of the company on Wednesday, March 19.
In the statement, the management revealed that the suspension had become necessary to avoid a mismatch between its sales proceeds and its crude oil purchase obligations, currently denominated in U.S. dollars.
Furthermore, the management of Dangote Petroleum Refinery noted that to date, its sales of petroleum products in Naira have exceeded the value of Naira-denominated crude received, hence it must temporarily adjust its sales currency to align with its crude procurement currency.
Noting that it has become aware of reports on the internet claiming that the refinery had stopped loading due to an incident of ticketing fraud, the management of the company described the reports as a malicious falsehood, adding that its systems are robust with no fraud issues.
Dangote Petroleum Refinery stated that it remains committed to serving the Nigerian market efficiently and sustainably, stating that as soon as it receives an allocation of Naira-denominated crude cargoes from NNPC, it will promptly resume petroleum product sales in Naira.
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