Dangote Petroleum Refinery has refuted claims that the recent reduction in petrol pump prices resulted from the Federal Government’s suspension of a 15% import tariff.
The company maintained that the price drop was solely due to its own downward review of Premium Motor Spirit (PMS) prices.
In a statement issued Monday, the refinery explained that it lowered its gantry and coastal prices on November 6 days before marketers adjusted pump prices. Linking the market changes to the tariff suspension, the company said, was “misleading” and contrary to verified facts.
According to Dangote Refinery, the PMS gantry price was reduced from N877 to N828 per litre, while the coastal price dropped from N854 to N806 per litre, representing a 5.6% reduction. These adjustments, it noted, were widely reported across several major media outlets before marketers changed their pump prices.
The refinery clarified that President Bola Tinubu had approved the 15% tariff as far back as October 21, though it had not yet been implemented. Despite this, Dangote said it voluntarily lowered prices to ease the financial burden on Nigerians.
The statement also criticised reports attributing the pump price reduction to the tariff suspension, describing them as deliberate attempts to distort facts and misinform the public. It warned that such misinformation only harms the downstream sector.
Dangote added that since commencing operations, it had reduced fuel prices more than seven times often absorbing logistics costs to ensure nationwide uniform pricing, especially during festive periods.
The company said its presence in the market had eliminated the long-standing “ember months” scarcity caused by distribution issues, import delays, and hoarding.
It further noted that imported fuels many allegedly below acceptable quality standards were still being sold at higher prices than Dangote’s internationally benchmarked products.
The refinery warned that the influx of substandard fuel amounted to “dumping,” a practice it said contributed to the collapse of industries such as Nigeria’s textile sector.
Despite market uncertainties and short-term policy shifts, Dangote Refinery said it remains committed to transparency, stability, and long-term investment in Nigeria’s energy sector.
“Our priority is to provide Nigerians with high-quality, competitively priced petroleum products,” the company said, urging marketers and stakeholders to rely on verified information to avoid distorting emerging market structures.
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