Dangote Petroleum Refinery has dismissed reports suggesting that the recent reduction in pump prices by oil marketers resulted from the suspension of a 15 per cent import tariff on premium motor spirit (PMS) and automotive gas oil (diesel), describing the claim as misleading and inconsistent with market realities.
The company, in a statement, said the narrative being circulated is entirely false, deliberately misleading and inconsistent with actual market dynamics, stressing that the pricing shift in the downstream market followed the refinery’s decision to reduce its PMS gantry and coastal prices on November 6.
“The attention of Dangote Petroleum Refinery has been drawn to a series of misleading publications claiming that the recent reduction in pump prices by oil marketers is a consequence of the Federal Government’s reversal of the 15 per cent import tariff,
“For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6. The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public,” the company stated.
Providing more clarity, the refinery mentioned that on November 6, the refinery reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.It noted that these pricing adjustments were widely reported across mainstream media before marketers moved to implement downward pump price reviews nationwide.
The company, therefore, described the ongoing claims linking the pump price reduction to tariff suspension as “incorrect,” insisting that the import tariff had received the approval of President Bola Ahmed Tinubu as far back as October 21 for immediate implementation.
“Despite the non-implementation of the tariff, we reduced the price of our products. As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining,” the company added.
Dangote Refinery also maintained that since commencing operations, it has on multiple occasions moderated prices, absorbed logistics costs to ensure nationwide uniformity during peak consumption periods, and played a major role in ending the perennial and artificial fuel scarcity typically associated with the ember months.
The firm again raised concern over the influx of imported fuel, stating: “Contrary to repeated claims by certain interests, 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.”
It warned that such actions amount to dumping, a harmful practice that undermines economic growth and industrial development, noting the historical impact of dumping on Nigeria’s once-thriving textile industry.
Reaffirming its energy sector commitment, the refinery stated it remains fully committed to supplying high-quality, internationally benchmarked petroleum products at competitive prices, noting that its operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.
It stressed that the company is not moved by the short-term tactics of speculative importers who enter and exit the market at will, and referenced its long-term investment exceeding $20 billion, saying it remains focused on national energy security and product availability.
“Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security. We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public,” it added.
