The Dangote Petroleum Refinery has dismissed reports suggesting that the recent reduction in petrol pump prices was triggered by the Federal Government’s suspension of a 15% import tariff. According to the refinery, the price drop was solely the result of its own internal reduction of Premium Motor Spirit (PMS) prices.
In a statement released on Monday, the refinery described the circulating reports as “misleading,” “false,” and “deliberately crafted to confuse the public,” emphasising that its price review on November 6 occurred before fuel marketers adjusted their pump rates.
The company stressed that linking marketers’ price reductions to the tariff suspension was “inconsistent with actual market dynamics.”
The statement read:
“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.”
According to the company, its PMS gantry and coastal price cuts were implemented ahead of any retail price adjustments across the country. On November 6, the refinery reduced its gantry price from ₦877 to ₦828 per litre and its coastal price from ₦854 to ₦806 per litre—a 5.6% reduction that was widely reported.
“Any suggestion that pump prices fell because the 15 per cent import tariff was reversed is entirely false,” the statement reiterated.
Dangote further explained that although President Bola Tinubu approved the implementation of the tariff on October 21, the refinery still went ahead with the price cut “to ease the burden on Nigerian consumers,” despite the tariff not being enforced.
The refinery also condemned what it described as efforts by “speculative importers” to distort market realities. It warned that many imported petrol products “do not meet acceptable standards” yet still retail at prices higher than its “internationally-benchmarked” PMS.
It cautioned that the dumping of lower-quality imported fuel mirrors practices that contributed to the collapse of industries such as Nigeria’s once-thriving textile sector.
Dangote highlighted that since commencing operations, it has reduced PMS prices over seven times and absorbed logistics costs to maintain uniform pricing nationwide—moves that helped avert the typical “ember month” scarcity.
The refinery reaffirmed its commitment to transparency and long-term energy stability, stating:
“We will continue to operate with integrity, transparency, and an unwavering focus on energy security.”
Dangote urged fuel marketers, analysts, and industry stakeholders to rely on verified information and avoid promoting narratives that could destabilise Nigeria’s developing domestic fuel supply ecosystem.
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