Dangote Petroleum Refinery has dismissed claims that the recent drop in petrol pump prices by oil marketers was driven by the Federal Government’s reversal of the 15 percent import tariff, insisting that the adjustment was solely prompted by its own price review.
In a statement issued on Monday, the company described the circulating reports as “false and deliberately misleading,” noting that the downward adjustment in pump prices followed its reduction of Premium Motor Spirit (PMS) gantry and coastal prices on November 6.
According to the refinery, the PMS gantry price was reduced from N877 to N828 per litre—a 5.6 percent cut—while the coastal price was reviewed downward from N854 to N806. The company said the price changes were widely published across major national media platforms days before marketers adjusted pump prices.
Dangote Refinery stressed that although the 15 percent import tariff had received presidential approval since October 21, it was never implemented, adding that its own price reduction was independent of government tariff decisions.
The company emphasised that it has made multiple price cuts since commencing operations, including absorbing logistics costs to maintain nationwide price uniformity during festive seasons. It also said its entry into the market has helped eliminate the recurring artificial fuel scarcity associated with year-end periods.
Dangote further criticised the continued importation of what it described as substandard fuel, warning that the practice constitutes harmful dumping with long-term economic consequences similar to what led to the collapse of Nigeria’s textile industry.
Reaffirming its commitment to providing high-quality and competitively priced petroleum products, the company stated that it remains unmoved by “speculative importers” who enter and exit the market based on short-term gains.
“With a long-term investment exceeding $20 billion, we remain committed to Nigeria’s energy security,” the statement said, urging stakeholders and media organisations to rely on verified information in the interest of the public.
The statement was signed by the management of Dangote Petroleum Refinery.
