Dangote Petroleum Refinery has announced a temporary halt in the sale of petroleum products in Naira, citing an imbalance between its sales proceeds and crude oil purchase obligations, which are denominated in U.S. dollars.
The announcement was conveyed in a statement issued on March 19, 2025, where the company explained that its Naira-denominated sales have exceeded the value of Naira-priced crude it has received so far.
As a result, it has decided to temporarily align its sales currency with its crude procurement obligations.
“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.
“Our attention has also been drawn to reports on the internet claiming that we have stopped 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,” the company stated.
