Dangote Refinery Temporarily Suspended Oil Sales in Naira

SEATTLE (Oil Monster): The sale of petroleum goods in Naira has been temporarily halted, according to a statement from the Dangote Petroleum Refinery in Lagos. The Dangote refinery's management sent a note to its patrons explaining this. Pump prices may rise as a result of the decision.

The move was made to prevent a discrepancy between the refinery's sales earnings and its existing US dollar-denominated crude oil purchasing obligations, according to the refinery authorities. Up till now, the refinery has sold more petroleum products in local currency than it has imported in Naira. According to the statement, this has compelled the refinery to temporarily change its sales currency to match its crude procurement currency.

Furthermore, the refinery stated that as soon as it receives an allotment of crude cargoes denominated in Naira from the Nigerian National Petroleum Company (NNPC) Limited, it will immediately resume selling petroleum products in Naira.

Additionally, allegations that the refiner is ceasing loading because of a ticketing fraud incident were rejected by the authorities. According to the refiner, it has had no problems with fraud and its procedures are reliable. Furthermore, Dangote Refinery reaffirmed its dedication to providing effective and sustainable services to the Nigerian market.