Lagos – Dangote Refinery has temporarily stopped selling fuel in naira. The company informed petroleum marketers of the change on Wednesday.
Why the Change?
The refinery typically pays for its crude oil in U.S. dollars. However, it had been selling a portion of its refined products, like gasoline and diesel, in Nigerian naira. This created a financial imbalance. Essentially, Dangote Refinery was selling more fuel in naira than it could cover with the naira-based crude oil it received.
The company also addressed rumors. Online reports claimed that ticket fraud caused the sales halt. Dangote Refinery called these reports “malicious falsehoods.” The refinery emphasized its dedication to serving the Nigerian market. It plans to resume fuel sales in naira once it receives naira-denominated crude oil allocations from the Nigerian National Petroleum Company (NNPC).
