DANGOTE REFINERY SUSPENDS PETROL SUPPLY IN NAIRA

Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales currency with its crude oil procurement obligations, which are currently denominated in U.S. dollars.

In a statement issued on March 19, 2025, the refinery explained that its sales of petroleum products in Naira had exceeded the value of Naira-denominated crude received, necessitating an adjustment in sales currency.

The company assured customers that once it receives an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company (NNPC) Ltd., it will promptly resume fuel sales in the local currency.

The company said the decision is necessary to avoid a mismatch between sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.