Dangote Petroleum Refinery has announced the temporary suspension of the sale of petroleum products in Naira, effective Wednesday. The company explained that this decision follows the fact that its sales of petroleum products in Naira have exceeded the value of Naira-denominated crude it has received.
This announcement was made in a statement issued by the company’s management on Monday, March 19th, 2025.
The statement reads: “We wish to inform you that Dangote Petroleum Refinery has made the decision to temporarily suspend the sale of petroleum products in Naira. This action is necessary to prevent a mismatch between the proceeds from our sales and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”
“So far, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As such, we find it necessary to temporarily adjust our sales currency to align with the U.S. dollar-based crude procurement.”
The statement also addressed misleading online reports suggesting the suspension was caused by an incident of ticketing fraud. The company clarified:
“We have come across online reports suggesting that the suspension is due to an incident of ticketing fraud. We would like to clarify that these reports are completely false. Our systems are secure, and we have had no issues with fraud.”
The company reaffirmed its commitment to serving the Nigerian market; “We remain dedicated to meeting the needs of the Nigerian market efficiently and sustainably. We will resume sales of petroleum products in Naira as soon as we receive an allocation of Naira-denominated crude from NNPC.”
The management expressed appreciation for the understanding and cooperation of customers during this period.