DANGOTE REFINERY SUSPENDS SALES OF PETROLEUM PRODUCTS IN NAIRA

The management of the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, has announced the temporary suspension of the sale of its petroleum products in Naira. It said this decision is to avoid a mismatch between its sales proceeds and crude oil purchase, which is currently denominated in U.S. dollars. The company said its sales of petroleum products in Naira had so far exceeded the value of Naira-denominated crude oil received by the refinery. It assured that as soon as the refinery receives allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Company Limited (NNPC), it will promptly resume petroleum product sales in Naira. The management also dismissed claims that it had stopped load of products due to ticketing fraud, saying that such report on the internet was a malicious falsehood.