Dangote Petroleum Refinery has dismissed reports claiming that the recent reduction in pump prices by oil marketers was caused by the Federal Government’s suspension of the 15 per cent import tariff. The company described the claim as misleading and not in line with real market conditions, stressing that the actual trigger for the new pump prices was its own decision to cut the PMS gantry and coastal prices. The refinery explained that the adjustment took effect on November 6 and was publicly announced before marketers changed their retail prices.
According to the refinery, “the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6.” The company stated that this was now being wrongly linked to the tariff discussion in a way that “attempts to distort the facts and misinform the public.” The refinery added that its PMS gantry price was reduced from N877 to N828 per litre, a decrease of 5.6 per cent, while the coastal price dropped from N854 to N806 per litre. These changes were shared through major media outlets such as Nigeria Startup News and several others, confirming that the refinery had acted before retail outlets adjusted their pumps.
Dangote Refinery clarified that the suspension of the 15 per cent import tariff had been approved by President Bola Ahmed Tinubu as far back as October 21 for immediate implementation. The refinery stressed that despite the non-implementation of the tariff, it still went ahead to cut fuel prices. It added that this decision shows its commitment to supporting Nigerians and improving energy affordability in the country. The refinery noted that since starting operations, it has reduced fuel prices more than seven times and absorbed logistics costs during festive periods to maintain nationwide price stability.
The refinery also addressed claims from groups suggesting that imported fuel is driving down prices. It stated that imported products, which are often below acceptable standards, “have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery.” The company warned that the continued importation of low-quality fuel amounts to dumping, a practice that damages economic development and puts local industries at risk. It pointed to past experiences, including the collapse of the once-booming textile sector, as a reminder of how damaging unchecked importation can be.
Dangote Refinery emphasised that it remains committed to providing high-quality petrol that meets international benchmarks and supports market stability. It said its long-term investment of over 20 billion dollars shows its dedication to Nigeria’s energy future. The company added that it is “not moved by the short-term tactics of speculative importers who enter and exit the market at will,” noting that its priority is to serve Nigerians with reliable, competitively priced fuel.
The refinery urged media organisations and stakeholders to rely on verified information, stressing that accurate reporting is vital for public understanding and energy sector transparency.
