BREAKING: Dangote Refinery Suspends Petrol Sales in Naira

Dangote Refinery halts the sale of petrol in naira, signaling a major shift in Nigeria’s energy market.

Dangote Petroleum Refinery has announced a temporary halt on the sale of petroleum products in naira.

This decision was conveyed to petroleum marketers through a notice issued on Wednesday afternoon.

The refinery stated that this suspension is temporary, although no specific date for resumption has been provided.

“We would like to inform you that Dangote Petroleum Refinery has temporarily ceased the sale of petroleum products in Naira. This action is essential to prevent a discrepancy between our sales revenue and our obligations for crude oil purchases, which are currently in U.S. dollars.”

“To date, our sales of petroleum products in Naira have surpassed the value of the Naira-denominated crude we have received. Consequently, we must temporarily modify our sales currency to match our crude procurement currency. We have also noted online reports suggesting that we are halting loading due to a ticketing fraud incident. This is a malicious falsehood. Our systems are secure, and we have not encountered any fraud issues.

“We remain dedicated to efficiently and sustainably serving the Nigerian market. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume sales of petroleum products in Naira. We appreciate your understanding and cooperation during this time.”