Dangote Petroleum Refinery has temporarily stopped the sale of petroleum products in Naira.
According to the Company, the sales of its products in Naira have exceeded the value of Naira-denominated crude it has received from the Nigerian National Petroleum Company Limited (NNPCL).
Dangote Petroleum Refinery stated thus:
“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars”
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency”
“As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.”