Dangote Petroleum Refinery has said that the recent reduction in pump prices by oil marketers is not a consequence of the Federal Government’s reversal of the 15 per cent import tariff.
In a statement on Monday, the refinery described the narrative regarding the reversal of import tariffs as entirely false, deliberately misleading, and inconsistent with actual market dynamics.
According to the company, the factor prompting the price adjustment was its own reduction of PMS gantry and coastal prices on November 6.
Dangote Petroleum Refinery lamented that 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.
“To reiterate, Dangote Petroleum Refinery, on November 6, 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. These changes were publicly announced across major media platforms, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, http://Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices,” the company said.
“The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR as far back as October 21 for immediate implementation.”
The company stated that despite the non-implementation of the tariff, it reduced the price of its products, emphasising that as a socially responsible company, the decision, which was not contingent upon the tariff’s implementation, aligned with its long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining.
The company stated that since commencing operations, it has reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a significant role in ending the perennial and artificial fuel scarcity typically associated with the ember months.
The refinery said, 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 said the continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development. “Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour,” it said.
Dangote Petroleum Refinery expressed its commitment to supplying high-quality, internationally benchmarked petroleum products at competitive prices.
“Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.
“We are not moved by the short-term tactics of speculative importers who enter and exit the market at will. With a long-term investment exceeding $20 billion, we are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts. Our focus is clear: to deliver reliable, high-quality, and competitively priced fuel to all Nigerians.
“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,” the company said.
