By OLA MODUPE , Lagos-
Dangote Petroleum Refinery has announced a temporary halt on the sale of petroleum products in Naira, citing a currency mismatch between its sales proceeds and crude oil purchase obligations.
The company in a statement released on Wednesday, said the decision was necessary to avoid a mismatch between its Naira-denominated sales and its U.S. dollar-denominated crude oil purchase obligations.
The company clarified that its sales of petroleum products in Naira have exceeded the value of Naira-denominated crude it has received, prompting the need for a temporary adjustment in its sales currency.
Dangote Refinery also debunked reports claiming that it stopped loading due to an incident of ticketing fraud, describing the claims as “malicious falsehood.”
“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”, it said..
The company assured that its systems are robust and that it has had no fraud issues. It remains committed to serving the Nigerian market efficiently and sustainably.
Dangote Refinery expects to resume petroleum product sales in Naira once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC).
“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”, it said.
