Dangote Petroleum Refinery has announced a temporary suspension of fuel sales in Naira, citing the need to align its sales currency with its crude oil procurement obligations, which are currently denominated in U.S. dollars.
In a statement issued on Tuesday, the refinery explained that its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude received, making it necessary to adjust the sales currency.
The company assured customers that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC) Ltd., it will promptly resume sales in the local currency.
Amid speculation surrounding the refinery’s operations, Dangote Refinery also addressed circulating rumors that it had stopped fuel loading due to a ticketing fraud incident. Management dismissed the reports as “malicious falsehoods” and reaffirmed the integrity of its operational systems.
“Our attention has been drawn to reports claiming that we are stopping loading due to an incident of ticketing fraud. This is false. Our systems are robust, and we have had no fraud-related issues,” the statement read.
Despite the temporary shift in sales currency, Dangote Refinery reiterated its commitment to serving the Nigerian market efficiently and sustainably, assuring that normal operations would resume once NNPC provides crude oil allocations in Naira.
