Dangote Petroleum Refinery on Monday categorically denied the claims that the recent fall in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff, insisting the adjustment was driven solely by its own downward review of Premium Motor Spirit prices.
According to the company, it had reduced its gantry and coastal prices on November 6, well before marketers altered pump rates, adding that linking the market changes to the tariff controversy was “misleading” and “inconsistent with the facts.”
The company, which made the denial through a statement issued on Monday on Monday, clarified that marketers’ decision to lower pump prices followed its downward review of PMS gantry and coastal prices.
The statement described the circulating reports as “misleading” and “deliberately crafted to confuse the public,” warning that ongoing attempts to misrepresent market realities were unhelpful to the downstream sector.
“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.
“This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. 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 statement said.
According to the company, it had reduced its PMS gantry price from N877 to N828 per litre and its coastal price from N854 to N806 per litre, a 5.6 per cent cut, a development widely reported across major media platforms well before marketers adjusted pump prices.
“Any suggestion that pump prices fell because the 15 per cent import tariff was reversed is entirely false,” the statement read.
“President Bola Tinubu had approved the tariff for implementation since October 21. Despite its non-implementation, we proceeded to lower our PMS prices purely as part of our commitment to easing the burden on Nigerian consumers.”
“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 Wall Street Journal, and Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.”
Recall that the Federal Government had earlier approved a 15 per cent import duty on petrol, a move that sparked pushback from independent marketers who warned that such a levy would raise pump prices. The suspension of the tariff last week led some commentators to attribute the price drop seen at filling stations to the policy reversal.
But Dangote Refinery said such claims were inaccurate and amounted to an attempt by “speculative importers” to distort market dynamics.
The $20bn facility noted that since beginning operations, it had reduced fuel prices more than seven times, often absorbing logistics costs to ensure nationwide uniform pricing during festive periods.
The company added that its entry into the market had helped end the perennial “ember month” scarcity, a recurring problem often tied to distribution constraints, import delays, and hoarding.
“Contrary to insinuations, imported products, many of which do not meet acceptable standards, are being sold at higher pump prices than our internationally-benchmarked products,” the refinery said.
It warned that the influx of lower-quality imported fuel amounted to “dumping,” a practice it said had previously contributed to the collapse of major industries, including Nigeria’s textile sector.
According to Dangote, it remained unfazed by short-term policy changes or the activities of opportunistic traders who “enter and exit the market at will,” noting that its long-term investment in the energy sector signalled a commitment beyond quick gains.
“We will continue to operate with integrity, transparency, and an unwavering focus on energy security. Our goal remains to supply Nigerians with high-quality, competitively priced petroleum products,” the company said.
The refinery urged marketers and stakeholders to rely on verified information to avoid misinforming the public and destabilising the emerging domestically driven fuel supply system.
