
Dangote Refinery says it will stop loading petroleum products for Nigerian market as the renegotiation of the Naira-for-crude deal is not recording significant progress.
The refinery will continue to load for export as it currently sources all its crude stock from the international market in dollars.
The refinery sells to Nigerian marketers in Naira because it buys crude in the local currency through the deal with the Nigerian National Petroleum Company Limited(NNPCL).
A statement by the organisation on Wednesday read: “TEMPORARY SUSPENSION OF SALES OF PETROLEUM PRODUCTS IN NAIRA
“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.”