Dangote Refinery
By Publisher
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Nigerians may have to pay more for fuel or face another scarcity, following the announcement by the management of the Dangote Petroleum Refinery and Petrochemicals on Wednesday to suspend the sale of petrol and other products to marketers in naira.
This means that petroleum marketers will now buy petrol and other products from the company in U.S. dollars.
Dangote Refinery’s decision was informed by the decision of the Nigerian National Petroleum Corporation to stop selling crude oil to it in Naira.
“We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira,” Dangote Refinery announced.
“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.
“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 a 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.
“We appreciate your understanding and cooperation during this period.”
