By Ayomide Otitoju
Dangote Petroleum Refinery has denied reports suggesting that the recent reduction in petrol pump prices was driven by the Federal Government’s suspension of the 15 per cent import tariff on Premium Motor Spirit (PMS) and diesel, describing the claims as misleading and inconsistent with market conditions.
In a statement, the company said the lower pump prices resulted solely from its independent decision to reduce PMS gantry and coastal prices on 6 November, not from any government tariff intervention. Dangote Refinery noted that it cut its PMS gantry price from ₦877 to ₦828 per litre—representing a 5.6 per cent drop—and reduced its coastal price from ₦854 to ₦806. These adjustments, it said, were widely reported before oil marketers revised their pump prices.
“The narrative attributing lower pump prices to the reversal of the 15 per cent import tariff is entirely false and deliberately misleading,” the refinery said. “Our price adjustments were made independently and well before marketers changed their retail prices.”
The company added that although President Bola Ahmed Tinubu had approved the 15 per cent import tariff since 21 October, the policy had not been implemented at the time the refinery slashed its prices.
Dangote stated that the reduction aligns with its commitment to ensuring Nigerians benefit from domestic refining. The refinery said it has reduced prices more than seven times since operations began, absorbed logistics costs during festive periods to keep nationwide prices uniform, and helped eliminate the perennial fuel scarcity associated with the year-end months.
It also criticised the continued importation of “substandard fuel,” noting that such products are often sold at higher prices than its high-quality PMS. The company warned that allowing the dumping of inferior petroleum products could undermine Nigeria’s industrial development, similar to how unchecked imports contributed to the collapse of the country’s textile sector.
Reaffirming its long-term commitment to Nigeria’s energy security, Dangote said it remains focused on supplying high-quality, competitively priced fuel despite what it described as short-term market manoeuvres by speculative importers. The refinery urged stakeholders and the media to rely on verified information in the public interest.
