Dangote Petroleum Refinery has suspended sale of petroleum products in Naira.
The suspension, described as temporary, was announced in a statement on Wednesday.
The company explained that the sales of petroleum products in Naira had exceeded the value of Naira-denominated crude it had received.
As a result, it said it must temporarily adjust its sales currency to align with its crude procurement currency.
The full statement below:
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.
In the past few months, the price of premium motor spirit fell to at least N860 per litre as a price war between Dangote Refinery and NNPCL kicked off.
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