Dangote Petroleum Refinery has announced a temporary suspension of sales of petroleum products in Naira, citing a mismatch between its sales proceeds and crude oil purchase obligations.
According to a statement released by the company, the decision was necessary to align its sales currency with its crude procurement currency, which is denominated in U.S. dollars. The company explained that its sales of petroleum products in Naira have exceeded the value of Naira-denominated crude it has received.
Dangote Petroleum Refinery reassured its customers that the temporary suspension is not related to any incident of ticketing fraud, as falsely reported on the internet. The company boasted of its robust systems, which have prevented any fraud issues.
The company expressed its commitment to serving the Nigerian market efficiently and sustainably. It promised to resume petroleum product sales in Naira as soon as it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC).
The temporary suspension is effective immediately, and the company has apologized for any inconvenience this may cause its valued customers.
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