Dangote Petroleum Refinery has dismissed reports suggesting that the recent drop in pump prices by oil marketers was driven by the Federal Government’s suspension of the 15% import tariff, describing the claims as false and misleading.
In a statement, the company clarified that the real trigger for the price adjustments was its November 6 reduction of PMS gantry and coastal prices—a move announced publicly across major media outlets.
On that date, the refinery reduced:
- Gantry price: from ₦877 to ₦828 per litre (5.6% cut)
- Coastal price: from ₦854 to ₦806 per litre
These reductions, the company stressed, were implemented well before marketers adjusted their pump prices.
Dangote also noted that although the import tariff suspension had been approved by President Bola Tinubu since October 21, the tariff was not implemented, and therefore had no bearing on its decision to reduce prices.
The company emphasised its commitment to offering Nigerians the full benefits of domestic refining, stating that it has cut prices more than seven times since operations began and even absorbed logistics costs during festive seasons to maintain uniform pump prices nationwide.
Dangote further criticised the continued importation of substandard fuel, calling it a form of dumping that undermines Nigeria’s economy and threatens local industries — similar to what occurred in the once-thriving textile sector.
Reaffirming its long-term dedication to Nigeria’s energy market, built on an investment exceeding $20 billion, the refinery said it remains focused on delivering high-quality, competitively priced fuel, regardless of short-term tactics from speculative importers.
The company urged media organisations and stakeholders to rely on verified information and avoid spreading misinformation that misleads the public.
