posted 19th March 2025
Dangote Refinery Suspends Petrol Sales in Naira Amid Currency Mismatch Concerns
Lagos, Nigeria – 19 March 2025
Dangote Petroleum Refinery, one of Nigeria’s largest oil refining companies, has announced a temporary suspension of petrol product sales in Naira, citing a significant mismatch between its sales processes and crude oil purchase obligations. The decision, detailed in a statement released today, has sparked concerns about potential fuel supply disruptions in the Nigerian market.
In the statement, the management of Dangote Refinery explained that the suspension is necessary due to the fact that its crude oil purchases are denominated in U.S. dollars, while petrol sales in Nigeria are conducted in Naira. "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 align with our crude procurement currency."
The refinery also addressed rumours circulating online, which suggested that the suspension was linked to an incident of ticketing fraud. Dangote firmly denied these claims, labelling them as "malicious falsehood." The company assured the public that its systems remain robust and that no fraudulent activities have been detected.
Dangote Refinery, a key player in Nigeria’s energy sector, reiterated its commitment to serving the Nigerian market "efficiently and sustainably." The company stated that it is awaiting an allocation of Naira-denominated crude cargoes from the Nigerian National Petroleum Corporation (NNPC). Once this allocation is received, Dangote plans to promptly resume petrol product sales in Naira.
The suspension comes at a time when Nigeria is already grappling with economic challenges, including currency fluctuations and fuel supply issues. Industry experts have warned that the move could exacerbate existing pressures on the local fuel market, potentially leading to shortages or price hikes in the short term. However, Dangote has called for understanding and cooperation from its customers during this period, promising a swift resolution to the issue.
The statement concluded with a message of gratitude to its valued customers, signed off by the refinery’s management. For further updates, Dangote directed stakeholders to its official website, www.dangote.com, and its social media channels, including Facebook, Instagram, and X (@DangoteGroup).
As Nigeria navigates this latest development in its energy sector, all eyes will be on Dangote Refinery and the NNPC to see how quickly they can resolve the currency mismatch and restore normalcy to the fuel supply chain.
