Dangote stopped sales of Naira oil products and restored them to US dollars.
The refinery said that until the NNPCL starts supplying crude in Naira, gasoline sales will remain in Naira.
Dangote refinery has finally announced the suspension of sales of petroleum products in Naira. This is due to the alleged ban on the supply of crude oil in Naira.
In an official statement issued Wednesday, Dangot Refinery lets its customers know that Naira’s suspension of purchases of crude oil was temporary until further notified as it aligns its pricing system with measures to model NNDPCL.
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“Dear customers, we would like to tell you that the Dangote Petroleum Refinery has temporarily stopped the sale of Naira’s petroleum products to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently broken down in US dollars,” the statement said.
“To date, our sales of our oil products in Naira have exceeded the value of the Naira denominated crude oil we receive, so we must temporarily adjust our sales currency to be consistent with our crude oil procurement currency.”
The refinery further debunked the viral report that stopped loading gasoline due to ticket fraud, calling it “malicious and false”.
Dangote refinery guarantees transparency to the pubic bone and its customers and firmness to the value of the transaction.
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“Our system is strong and we have no fraud issues. Once we receive the distribution of NNPC’s Naira, we will effectively serve the Nigerian market.
The announcement sparked a reaction from gasoline consumers, as the impact of the dollar supply of the dollar could swell the market value and cause the prices of petroleum products to soar.
