Dangote Petroleum Refinery has refuted reports suggesting that the recent reduction in pump prices by oil marketers was driven by the Federal Government’s suspension of the 15 per cent import tariff.
In a statement, the company described the narrative as “entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
According to the refinery, the true trigger for the price adjustment was its own decision to reduce Premium Motor Spirit (PMS) gantry and coastal prices on November 6—well before marketers adjusted pump prices nationwide. Dangote explained that its PMS gantry price was reduced from N877 to N828 per litre, a 5.6 per cent decrease, while the coastal price dropped from N854 to N806 per litre. These changes were publicly announced across major media platforms the same day.
Dangote stressed that the attempt to attribute marketers’ price reductions to the tariff suspension is “an effort to distort facts and misinform the public.” The company revealed that the 15 per cent import tariff had actually received presidential approval from President Bola Ahmed Tinubu, GCFR, since October 21 for immediate implementation. Despite the tariff not being executed, Dangote Refinery said it independently reduced product prices in line with its commitment to support Nigerians.
The refinery highlighted that since beginning operations, it has lowered prices more than seven times, absorbed logistics costs to maintain nationwide uniform pricing during festive seasons, and played a key role in ending recurrent artificial scarcity during the ember months.
Contrary to claims by certain interest groups, Dangote asserted that imported petroleum products—often of lower quality—continue to be sold at higher pump prices than its premium-grade fuel. It warned that the continuous influx of substandard imports amounts to dumping, a harmful practice that undermines local industries, citing the collapse of Nigeria’s textile sector as a cautionary example.
Reaffirming its long-term commitment to Nigeria’s energy sector, the refinery said it remains unmoved by “short-term tactics of speculative importers” who frequently enter and exit the market based on policy swings. With an investment exceeding $20 billion, Dangote said its focus is to continue supplying high-quality, competitively priced, globally benchmarked fuel to Nigerians.
The company concluded by urging stakeholders and media organisations to uphold responsible journalism and rely on verified information, emphasising its dedication to transparency, integrity, and Nigeria’s long-term energy security.
