/ Aug 15, 2026
/ Aug 15, 2026

BREAKING: Dangote Refinery Announces Suspension Of Petrol Sale In Naira

Published on

By

The Dangote Petroleum Refinery said it has temporarily halted the sale of petroleum products in naira.

 

The refinery announced the decision in a statement on Wednesday.

 

The development comes a few hours after reports that the refinery would stop loading petroleum products for the Nigerian market as the renegotiation of the naira-for-crude deal is not recording significant progress.

 

Sources had told the publication the refinery would continue to load for export as it currently sources all its crude stock from the international market in dollars.

 

In the statement, the refinery said the decision to halt sales in naira was “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,” the statement reads.

 

“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.”

Read Also:

Marketers with imported fuel fear losses as Dangote slash price

The refinery also debunked claims that the temporary suspension was due to ticketing frauds, saying they are “malicious”.

 

The firm, however, assured that sales would resume in naira as soon as they receive crude supply in naira from the Nigerian National Petroleum Company (NNPC) Limited.

 

“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud,” Dangote refinery said.

 

“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.”

 

On March 10, TheCable reported that the Nigerian National Petroleum Company (NNPC) Limited had reportedly suspended the naira-for-crude deal until 2030, as the government-owned company has forward-sold all its crude oil.

 

However, following the report, NNPC said negotiations are ongoing for a new naira-for-crude deal with Dangote Petroleum Refinery, as the current agreement will expire at the end of March.

 

Zaach Adedeji, chairman of the naira-for-crude policy technical sub-committee, reassured that the naira-based crude oil supply arrangement with local refineries has not been discontinued.

You May Like

2 thoughts on “BREAKING: Dangote Refinery Announces Suspension Of Petrol Sale In Naira

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Nasarawa State Governor Abdullahi Sule at the signing of a $2 million supplementary lithium agreement with Chinese investors in Abuja.

Governor Sule seals $2m Lithium deal with Chinese Firm

Nasarawa State Governor Abdullahi Sule has presided over the signing of a $2 million supplementary lithium agreement between the state government and Diamond New Energy, following his recent visit to China.   The agreement was signed at the Nasarawa State Governor’s Lodge in Abuja on Friday, August 14, 2026. Sule said the deal would help keep the company’s lithium processing factory operational while protecting jobs created by the investment. > “We are going to keep your factory functional, and we also have an interest as license owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed,” the governor said. According to Channels Television, the governor said the state moved quickly to secure the relevant mining licence to ensure continued access to raw materials and prevent another party from obtaining the licence. The Commissioner for Environment and Natural Resources, Margaret Elayo, expressed appreciation to the investors and said the partnership could encourage further investment in Nasarawa. The signing was witnessed by officials from the state Ministry of Justice, Ministry of Environment and Natural Resources, the Nasarawa State Investment Development Agency (NASIDA), Diamond New Energy and Ganfeng Lithium Industry Limited. Sule also urged the company to maintain peaceful relations with host communities and contribute to their development. He disclosed that payments due to the state under the agreement would be made in foreign currency directly to Nasarawa Mining Company Limited, with the terms subject to periodic review. Agreement builds on 2024 mining deal NASIDA Managing Director and Chief Executive Officer Ibrahim Abdullahi said the state government had signed an exclusive mining cooperation agreement with the company in 2024. He said the partnership had contributed to the completion of what he described as the largest lithium processing refinery in West Africa. The supplementary agreement allows the continued supply of lithium materials from the state government’s mining block to serve as feedstock for the refinery. Abdullahi said the arrangement was expected to create further employment opportunities for young people and women in Nasarawa. He added that the state would receive $2 million immediately upon signing, with additional revenues expected under the agreement. A representative of Diamond New Energy, David Siong, said the company remained committed to expanding its operations in Nasarawa, including local processing of resources, job creation and supporting economic development in host communities. The Attorney-General and Commissioner for Justice, Isaac Danladi, also presented copies of a deed of assignment transferring the mining rights and interests of Nasarawa Mining Company within 3.5 mining cadastral units in Endo, Nasarawa Local Government Area, to Ganfeng Lithium Industry Limited.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.