Dangote refinery stops sales of petroleum products in Naira, reverts to dollars.
The refinery says untill NNPCL starts crude oil supply in Naira, petrol sales would remain in Naira.
Dangote Refinery has finally announced the suspension of sale of its Petroleum products in Naira. This comes amid the alleged ban of Crude oil Supply in Naira by the Nigerian National Petroleum Company Limited to Dangote.
In an official statement released on Wednesday, the Dangote refinery made this known to its customers stating that the suspension of Naira to crude oil purchased is temporary till further notice as it galvanize it’s pricing system to be in line with the measure modelled by NNPCL.
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The statement says: “Dear valued customers, we wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”
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“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.”
The Refinery also went further to debunk the viral report that it stopped loading petrol due to an incident of ticketing fraud, calling it “a malicious falsehood.”
Dangote Refinery reassured the pubic and its customers on it’s transparency and committedness to value in trading.
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“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.”
This announcement has elicited reactions among petrol consumers as the influence of petrol supply in dollars may inflate market value and skyrocket the price of petroleum products.
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