Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira, citing a currency mismatch between its revenue and crude oil purchase obligations.
The refinery’s sales of petroleum products in naira have exceeded the value of naira-denominated crude oil it has received, prompting the company to adjust its sales currency to align with its crude procurement currency, which is denominated in US dollars.
According to the refinery on Wednesday, the suspension will remain in place until it receives an allocation of naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC).
The company has assured its customers that sales in naira will resume promptly once this allocation is received.
The move is seen as a strategic decision to mitigate the refinery’s exposure to currency fluctuations and ensure its financial sustainability. Dangote Petroleum Refinery has committed to maintaining a stable supply of petroleum products to meet the demands of its customers.