Dangote Petroleum Refinery has debunked claims that the recent reduction in petrol pump prices by oil marketers was driven by the Federal Government’s suspension of a 15% import tariff on Premium Motor Spirit (PMS), insisting that the cuts were triggered instead by its own decision to lower ex-depot prices.
In a statement on Monday, the company described as “entirely false” and “deliberately misleading” a series of reports suggesting that marketers adjusted their pump prices in response to a tariff reversal, saying the narrative is inconsistent with “actual market dynamics.”
Dangote Refinery explained that on November 6, it reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6% cut, while its coastal price was lowered from N854 to N806 per litre. These changes, the company noted, were widely publicised across major media outlets and took effect before marketers announced any downward review of pump prices.
“The factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6,” the statement said, adding that subsequent cuts at the filling stations “are now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public.”
The refinery clarified that the 15% import tariff in question had already received President Bola Ahmed Tinubu’s approval for immediate implementation as far back as October 21, but had not been implemented at the time it reduced its prices. It stressed that its latest price review was not influenced by the status of the tariff.
History of Price Reduction
Describing itself as a socially responsible company, Dangote Petroleum Refinery said it has reduced prices “on more than seven occasions” since commencing operations, and has at times absorbed logistics costs to ensure nationwide price uniformity during festive periods. It also claimed to have played “a major role” in ending the recurring fuel scarcity traditionally associated with the ember months.
The company took aim at continued fuel importation, alleging that imported products are “often below acceptable standards” yet sold at higher pump prices than its “premium-grade fuel.” It warned that the dumping of substandard products undermines Nigeria’s industrial growth, drawing a parallel with the collapse of the country’s once-vibrant textile industry under the weight of cheap imports.
Reaffirming its commitment to the local market, Dangote Petroleum Refinery said its operations help to moderate prices and deliver “genuine value for money” to Nigerian consumers. It dismissed what it called the “short-term tactics of speculative importers who enter and exit the market at will,” insisting that its more than $20 billion long-term investment in Nigeria’s energy sector demonstrates a firm resolve to remain a key player, regardless of temporary policy shifts.
“Our focus is clear: to deliver reliable, high-quality, and competitively priced fuel to all Nigerians,” the statement added, pledging that the refinery will continue to operate with integrity, transparency and an unwavering commitment to Nigeria’s energy security. The company also urged stakeholders and the media to rely on verified information and report responsibly in the interest of the Nigerian public.
