Dangote Petroleum Refinery has announced a temporary halt to its petroleum product sales in Naira, citing the need to better align its sales currency with its crude oil procurement obligations, which are currently settled in U.S. dollars.
In a statement issued on March 19, 2025, the refinery explained that its Naira-denominated petroleum product sales had exceeded the value of Naira-denominated crude oil received, prompting the adjustment in the currency used for transactions.
The refinery assured customers that it would resume Naira-based sales as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC) Ltd.
Dangote Refinery also addressed online rumors suggesting the suspension was due to an incident of ticketing fraud. The company dismissed these claims as “malicious falsehood” and reaffirmed the integrity of its operational systems, stating that there had been no fraud-related issues.
The statement read: “Dear Valued Customers, 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. 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 refinery also expressed confidence in its operational efficiency, ensuring that the company remains committed to serving the Nigerian market and will promptly resume normal operations once Naira-denominated crude cargoes are allocated by NNPC.
