By Our Reporter
Dangote Petroleum Refinery has dismissed reports suggesting that recent reductions in petrol pump prices were caused by the Federal Government’s suspension of the 15 per cent import tariff on Premium Motor Spirit (PMS) and diesel. The company described the publications as misleading, insisting that its own decision to cut ex-refinery prices triggered the adjustment by marketers.
In a statement on Sunday, the refinery said the narrative claiming that pump price reductions resulted from tariff reversal was “entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
According to the company, the real driver of the price changes was its November 6 reduction of PMS gantry and coastal prices. The ex-depot price was lowered from N877 to N828 per litre—a 5.6 per cent reduction—while coastal price dropped from N854 to N806 per litre. The company noted that these changes were widely published across major media platforms well before marketers adjusted pump prices.
Dangote Refinery stressed that President Bola Ahmed Tinubu had approved the 15 per cent import tariff as far back as October 21 for immediate implementation, but the tariff had not taken effect at the time of its price reduction.
“Despite the non-implementation of the tariff, we reduced the price of our products,” the company stated, adding that the decision was in line with its commitment to ensuring Nigerians benefit from domestic refining.
The refinery highlighted its track record of lowering product prices more than seven times since operations began and absorbing logistics costs to maintain nationwide uniformity during festive seasons. It also said its operations helped curb the fuel scarcity often associated with the ember months.
The company accused certain interests of promoting false narratives to undermine domestic refining, noting that imported petroleum products—often below acceptable standards—continue to retail at higher pump prices compared to its premium-grade fuel. It warned that continued importation of substandard fuel amounts to economic dumping, which threatens Nigeria’s industrial growth, citing the collapse of the once-thriving textile industry as an example.
Dangote Petroleum Refinery reaffirmed its commitment to supplying high-quality, competitively priced fuel, despite what it described as short-term tactics by speculative importers.
“With an investment exceeding $20 billion, we remain committed to Nigeria’s energy sector and unfazed by temporary policy shifts,” the statement added.
The company urged stakeholders and media organisations to rely solely on verified information and prioritise responsible reporting in the interest of the Nigerian public.