Dangote refinery largest surface tank of 120,000,000 capacity for crude
The management of Dangote Refinery has announced the suspension of product sales to marketers in naira and resumption of dollar sales with immediate effect.
Analysts say the implications way include but not limited to higher fuel price any moment from now because they import crude from in dollars to make for NNPCL shortfalls.
The management is a statement said as follows;
“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. 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 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.
“We appreciate your understanding and cooperation during this period.
Though the statement did not make mention of increasing price, observers say the new development will eventually lead to higher pump price as soon as possible pending when they will stop importation of crude.
