Dangote Petroleum Refinery has announced a temporary suspension of selling petroleum products in Nigerian Naira. The refinery cites a mismatch between revenue and costs as the cause. It highlighted that while its purchase obligations for crude oil are conducted in U.S. dollars, the sales proceeds in Naira have created financial inefficiencies.
This move by the refinery comes as companies in the energy sector grapple with currency exchange challenges. The decision is expected to have implications for the local market, potentially affecting pricing and supply chains. Stakeholders are closely monitoring the situation as it develops.
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