Dangote Petroleum Refinery has refuted claims suggesting that recent reductions in pump prices across Nigeria were triggered by a suspension of the 15% import tariff, insisting the cuts were driven exclusively by the company’s own downward review of petrol prices.
The management of the refinery said it had become necessary to correct what it described as “misleading publications” attempting to distort the facts and misinform the Nigerian public about what influenced the latest price movements in the downstream market.
According to the company, the narrative being circulated is “entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
It noted that the real trigger behind the price adjustment was the refinery’s reduction of the Premium Motor Spirit (PMS) gantry and coastal prices on November 6, a development that was widely reported in mainstream and digital media.
“Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.”
Dangote Petroleum Refinery
This adjustment, it added, occurred well ahead of any revision in pump prices by oil marketers, making attempts to attribute the change to a tariff-related decision inaccurate.
“Despite the non-implementation of the tariff, we reduced the price of our products,” the company said, stressing that its actions aligned with its commitment to ensuring that Nigerians benefit from domestically refined fuel.
The refinery further clarified that although President Bola Ahmed Tinubu approved the 15% import tariff as far back as October 21 for immediate implementation, it had no bearing on its pricing decision.
Management said the latest price reduction fits a pattern of consumer-oriented interventions since the refinery commenced operations.
“Dangote Refinery reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a major role in ending the perennial and artificial fuel scarcity typically associated with the ember months.”
Dangote Petroleum Refinery
The company also countered claims that imported fuel is cheaper than its own product. It argued that imported petroleum products, many of which it described as “below acceptable standards,” have consistently been sold at higher pump prices compared to its premium-grade fuel.
The statement criticised the continued influx of such products into the Nigerian market, calling it “dumping, a harmful practice that undermines economic growth and industrial development.”
Drawing parallels from economic history, the company warned that unchecked dumping previously destroyed local industries, referencing “the collapse of the once-thriving textile industry, which was a major employer of labour.”
With an investment exceeding $20 billion, the refinery reaffirmed its unwavering focus on stabilising Nigeria’s energy sector and delivering long-term benefits to the country.
“We are not moved by the short-term tactics of speculative importers who enter and exit the market at will.
“Our focus is clear: to deliver reliable, high-quality, and competitively priced fuel to all Nigerians.”
Dangote Petroleum Refinery
Dangote Petroleum Refinery reiterated its commitment to transparency and responsible operations, urging stakeholders and the media to rely on verified information.
“We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public.”
Dangote Petroleum Refinery
The company maintains that its operations will continue to moderate market prices and ensure that consumers receive genuine value for money, stressing that it remains committed to Nigeria’s energy security and long-term economic development.
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