Says Marketers’ Reduction Not Linked to Tariff Suspension
By Odedele Damilola
In a fresh clarification aimed at correcting what it describes as “misleading narratives,” the Dangote Petroleum Refinery has dismissed reports suggesting that the recent drop in pump prices across filling stations was triggered by the Federal Government’s reversal of the 15 per cent import tariff.
Speaking through an official statement, the refinery said the claims circulating in some media reports are “false and deliberately misleading,” stressing that the real reason for the latest adjustment in pump prices is its own independent decision to reduce the cost of Premium Motor Spirit (PMS) at its gantries and coastal depots.
According to the company, it announced a downward review of its PMS gantry price from N877 to N828 per litre—a 5.6% reduction—as well as a coastal price drop from N854 to N806 on November 6, several days before marketers effected changes at their retail pumps. Dangote added that this information was widely published across major national newspapers and online platforms.
The refinery explained that the suspended import tariff, approved by President Bola Ahmed Tinubu on October 21, had not even been implemented when it reviewed its prices, making it impossible for the tariff decision to have influenced marketers’ pricing decisions.
“As a socially responsible company, we reduced prices purely in the interest of Nigerians, not because of any tariff consideration,” the statement noted. The firm highlighted that since beginning operations, it has cut petrol prices more than seven times, covered logistics costs during festive seasons to keep prices uniform nationwide, and helped prevent the usual year-end fuel scarcity.
Dangote also took a swipe at the quality of imported fuel products, insisting that many fall below acceptable standards and are often sold at higher pump prices than its premium-grade fuel. The company warned that continuous importation of substandard products amounts to economic “dumping,” the kind that previously crippled industries such as Nigeria’s once-booming textile sector.
Reaffirming its long-term commitment, the refinery said its over $20 billion investment in the energy sector is not threatened by “short-term tactics” of speculative importers who drift in and out of the market. Instead, its priority remains providing Nigerians with reliable, high-quality, and fairly priced fuel.
The company urged media organisations and stakeholders to rely on verified information and avoid reports that could mislead the public about sensitive matters affecting national energy security.
