Dangote Petroleum Refinery has temporarily halted sales of its petroleum products in Naira, saying the decision is to avoid a mismatch between sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
The refinery, in a notice addressed to its customers on Wednesday by its management, the sales of petroleum products from the refinery have exceeded the value of Naira-denominated crude it has received.
According to the statement, the reports on the internet claiming it was stopping loading due to an incident of ticketing fraud are malicious.
The notice reads in full:
“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.
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“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. “
Meanwhile, Tribune Online reports on Wednesday that the Committee on the Naira-for-Crude policy of the federal government is meeting in Abuja.
This is coming days after both the Nigerian National Petroleum Company (NNPC) Limited and the federal government debunked reports that the sales of crude oil to Dangote and other local refineries in Naira have been halted.
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