Dangote Refinery has announced a temporary suspension of petroleum product sales in Naira, hinting to a new premium motor spirit price hike.
On Wednesday, the corporation announced this via its X account.
Dangote refinery, which produces 650,000 barrels per day, said the decision to halt the contract was required to avoid a mismatch between sales earnings and oil purchase obligations.
The refinery stated that its Naira-denominated petroleum product sales have exceeded the value of the crude received.
The corporation, however, denied rumours that it has suspended loading due to an incident of ticketing fraud.
“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.
“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.”
