By Chidi Ugwu
The price of Premium Motor Spirit (PMS) may likely go up following the temporary suspension of sales of petroleum products in Naira, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said.
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The Dangote Petroleum Refinery on Wednesday announced it has temporarily halted the sale of petroleum products in Naira.
Reacting to the development, Chief Chinedu Ukadike, the Public Relations Officer of IPMAN, told our Correspondent in Abuja, declared that the new development may result in the upward hike of petroleum products in the near future.
“The price of PMS may likely go up again” he said.
The Dangote Refinery while announcing the policy change said ‘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’.
The Dangote Refinery’s statement reads in part:”Dear Valued Customers,
“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 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”.
