Nigeria’s oil sector is facing a fresh challenge as the Dangote Refinery has suspended the sale of petroleum products in naira due to stalled crude supply negotiations with the Nigerian National Petroleum Company Limited (NNPC).
The refinery, which currently imports crude in U.S. dollars from the international market, said selling in naira has created a financial imbalance. In a statement released on Wednesday, March 19, 2025, the company explained the need to align its sales currency with its crude procurement costs.
“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 match our crude purchase obligations, which are in dollars,” the statement read.
Refuting rumors that loading operations were halted due to ticketing fraud, the company dismissed the claims as “malicious falsehood,” emphasizing that its systems remain robust.
However, Dangote Refinery assured Nigerians that it remains committed to the local market and will resume naira transactions once it receives naira-priced crude from NNPC.
“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.
This development raises concerns over potential fuel price adjustments and the impact on Nigeria’s energy sector, as stakeholders await a resolution between the refinery and the NNPC.
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