Business
Breaking: Dangote Suspends Sale Of Petrol In Naira
By Gideon Ayeni
Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales currency with crude oil procurement, which is currently denominated in U.S. dollars.
In a statement released on Wednesday, March 19, 2025, Dangote Refinery explained that its sales in Naira had exceeded the value of Naira-denominated crude it received, making the temporary adjustment necessary.
“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,” the statement read.
The company also dismissed online rumors suggesting that the suspension was due to a ticketing fraud incident, describing such reports as “malicious falsehood.”
“Our systems are robust, and we have had no fraud issues,” Dangote Refinery clarified.
The refinery assured Nigerians that it remains committed to serving the market efficiently and sustainably. It further stated that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC), it will promptly resume sales in Naira.
GWG.ng reports that the development of spurning the naira for dollars is bound to further elicit concerns on the dynamics between the operations of Dangote Refinery and the local economy in Nigeria.
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