Dangote Petroleum Refinery has clarified that the recent reduction in pump prices by oil marketers was driven solely by its own price adjustment and not by the Federal Government’s reversal of the 15 per cent import tariff on petroleum products.
In a statement issued on Monday, the refinery dismissed claims linking the pump price reduction to the tariff suspension, describing such reports as false, misleading, and inconsistent with market realities.
The company explained that the decline in pump prices followed its decision on November 6 to lower the ex-depot prices of Premium Motor Spirit (PMS).
The refinery reduced its gantry price from N877 to N828 per litre and its coastal price from N854 to N806 per litre—representing a 5.6 per cent decrease.
These adjustments were publicly announced and took effect before marketers changed their pump prices.
Dangote Refinery stressed that the import tariff had already been approved by President Bola Ahmed Tinubu on October 21 for immediate implementation, but despite the lack of enforcement, the refinery still reduced product prices.
The company said the gesture reflects its commitment to ensuring that Nigerians experience the benefits of domestic refining, independent of policy shifts.
Since commencing operations, the refinery has noted that it has cut prices more than seven times, absorbed logistics costs to maintain nationwide uniformity during festive periods, and contributed significantly to eliminating the usual fuel scarcity associated with the end-of-year season.
The company also countered persistent claims that imported fuel is cheaper, stating that imported products—often falling below acceptable standards—have consistently been sold at higher pump prices compared to the premium-grade fuel produced locally.
It warned that the continued influx of substandard imports amounts to dumping, a harmful practice that undermines industrial growth and recalls similar disruptions that led to the collapse of Nigeria’s once-thriving textile industry.
Dangote Petroleum Refinery reaffirmed its commitment to supplying high-quality, globally benchmarked petroleum products at competitive prices.
The company stated that its operations help moderate prices in the market and guarantee consumers superior value.
It added that speculative importers, who come in and out of the market depending on short-term gains, do not influence its long-term strategy.
With over $20 billion invested in the sector, the company said it remains committed to Nigeria’s energy security regardless of temporary policy changes.
Dangote Refinery maintained that it will continue to operate with transparency and urged stakeholders and media organisations to rely on verified information in the public interest.
