Breaking News: Dangote now to sell petrol, others in Dollars

Dangote Petroleum Refinery and Petrochemicals has suspended the sale of petrol and other products to marketers in Naira.
The company management announced the development in a statement it issued to the media on Wednesday.
According to the statement, the company said the development was as a result of the fact that it no longer receives crude from the Nigerian National Petroleum Corporation (NNPCL) in Naira.
It said: “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 US dollars.
“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received.
“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.
“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud.
“This is 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.
“We appreciate your understanding and cooperation during this period.”
It would be recalled that the NNPCL had said the contract with Dangote refinery will lapse at the end of March 2025.
The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, said the contract was structured as a six-month agreement subject to availability.
Soneye said discussions were ongoing towards emplacing a new contract.

He said: “Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.
“In aggregate, the NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”