Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in naira, a move that could trigger a fresh increase in fuel prices due to exchange rate fluctuations.
In a statement released on Wednesday, March 19, 2025, titled “Temporary Suspension of Sales of Petroleum Products in Naira,” the refinery explained that the decision was necessary to align its sales with its crude oil purchase obligations, which are denominated in U.S. dollars.
“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received,” the statement read. “As a result, we must temporarily adjust our sales currency to match our crude procurement currency.”
The company dismissed speculations that the suspension was linked to ticketing fraud, describing such claims as “malicious falsehoods.”
Dangote Refinery assured that sales in naira would resume once it receives naira-denominated crude supply from the Nigerian National Petroleum Company (NNPC) Limited.
“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the statement added.
