Dangote refinery debunks claims linking pump price reduction to tariff suspension
Dangote Petroleum Refinery has dismissed widespread reports suggesting that the recent reduction in pump prices by oil marketers was triggered by the Federal Government’s alleged suspension of the 15 per cent import tariff on petroleum products.
In a strongly worded statement, the company described the publications as “misleading” and “inconsistent with actual market dynamics,” insisting that the adjustment in pump prices was directly influenced by its own downward review of Premium Motor Spirit (PMS) prices on November 6.
According to the refinery, it reduced its PMS gantry price from N877 to N828 per litre, a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre. These changes were widely publicised across major news platforms, including The Punch, Vanguard, The Cable, Daily Trust, The Sun, New Telegraph, and others — well before marketers made their pump price adjustments.
“The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect,” the company stated.
Dangote Refinery clarified that the tariff adjustment had been approved by President Bola Ahmed Tinubu since October 21 for immediate implementation, but noted that its November 6 price reduction was independent of the tariff and driven by its commitment to ensure Nigerians benefit from domestic refining.
The company emphasised that since commencing operations, it has reduced fuel prices multiple times, absorbed logistics costs during festive seasons to maintain nationwide price uniformity, and helped end the recurrent fuel scarcity that typically plagues the ember months.
While addressing accusations from certain industry players, Dangote Refinery maintained that imported petroleum products — often of lower standard — continue to sell at higher pump prices than its high-quality, internationally benchmarked fuel.
It warned that the influx of substandard imported fuel amounts to economic “dumping,” likening the potential consequences to the collapse of Nigeria’s once-thriving textile industry, which suffered from years of unchecked importation.
Reaffirming its commitment to Nigeria’s energy security, the company stressed that it remains unfazed by “short-term tactics” of speculative importers and is focused on stabilising the local market.
“With a long-term investment exceeding $20 billion, we remain steadfastly committed to supplying high-quality and competitively priced fuel to all Nigerians,” the statement said.
Dangote Petroleum Refinery urged stakeholders and media organisations to ensure responsible reporting and rely on verified information to avoid misleading the Nigerian public.
