Dangote Refinery has stopped selling petroleum products in naira, blaming the Nigerian National Petroleum Company Limited (NNPCL) for not supplying enough naira-denominated crude. The refinery says the move is temporary but necessary to avoid financial mismatches. With fears of rising fuel prices and economic instability, Nigerians are left wondering—when will naira sales resume?
“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.”
NNPCL to Blame? Dangote Explains the Decision
According to Dangote Refinery, the halt is due to an imbalance between crude purchases and fuel sales. The company claims that NNPCL has failed to provide enough naira-denominated crude, forcing it to adjust its sales currency.
“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.”
This decision has sparked concerns about the stability of Nigeria’s oil sector, as many fear that fuel prices may rise if transactions are pegged to the dollar.
Fraud Allegations? Dangote Refutes Rumors
There have been speculations that Dangote Refinery stopped sales due to ticketing fraud, but the company strongly denied this.
“This is a malicious falsehood. Our systems are robust, and we have had no fraud issues.”
Despite the controversy, Dangote Refinery assured Nigerians that it remains committed to supplying fuel and will resume naira sales once NNPCL provides crude in local currency.
“As soon as we receive an allocation of naira-denominated crude cargoes from NNPCL, we will promptly resume petroleum product sales in naira.”
What This Means for Nigerians
The suspension of naira sales has raised concerns among Nigerians already struggling with high fuel prices. Many worry that if fuel transactions are dollar-based, it could lead to a price surge.
As uncertainty looms, the question we all have is : When will NNPCL supply naira-denominated crude again?
