This was conveyed in a statement issued yesterday, March 19, 2025, in which the company explained that its Naira-denominated sales have exceeded the value of Naira-priced crude it has received so far.
As a result, it has decided to temporarily align its sales currency with its crude procurement obligations.
“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. To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received.
“Our attention has also been drawn to reports on the internet claiming that we have stopped loading due to an incident of ticketing fraud. This is a malicious falsehood. Our systems are robust, and we have had no fraud issues.
“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 company stated.
However, hours after the report, the Nigerian National Petroleum Company Limited (NNPCL) through its Chief Corporate Communications Officer, Olufemi Soneye, said the current deal, which began in October 2024, will expire at the end of March.
Soneye added that negotiation is ongoing for a new naira-for-crude deal with Dangote Petroleum Refinery.
The spokesperson said NNPCL has made over 48 million barrels of crude oil available to Dangote refinery since October 2024, adding that in aggregate, the government-owned oil company has supplied over 84 million barrels of crude oil to the refinery since its commencement of operations in 2023.
Local refineries and the federal government agreed to sell crude oil and refined petroleum products in naira to improve supply, save the country millions of dollars in petroleum product imports, and eventually reduce pump prices.
