Dangote Petroleum Refinery has dismissed claims that the recent reduction in petrol pump prices was caused by the Federal Government’s temporary suspension of the 15 per cent import tariff, stressing that the adjustment followed the company’s own review of ex-depot prices.
The refinery described the reports as misleading and inconsistent with actual market realities, noting that the price cut was a proactive move to ease the burden on consumers and ensure fair pricing nationwide.
It explained that the only factor behind the downward adjustment in pump prices was its 5.6 per cent reduction in Premium Motor Spirit (PMS) gantry and coastal prices, implemented before marketers adjusted retail rates.
The adjustment, carried out on November 6, saw the gantry price fall from N877 to N828 per litre and the coastal price from N854 to N806 per litre.
The company, In a statement released on Monday, also clarified that the 15 per cent import tariff had already received presidential approval on October 21 and its implementation status had no influence on pricing decisions.
Dangote further criticized the continued importation of substandard and higher-priced fuel, describing it as harmful dumping that undermines local refining and recalling similar trends that once crippled Nigeria’s textile sector.
“Dangote Petroleum Refinery clarifies that the recent reduction in PMS pump prices by oil marketers was a direct response to our price cut on November 6. It was not caused by the temporary reversal of the 15 per cent import tariff,” it said.
The refinery emphasized that its long-term investment in domestic refining signals a commitment beyond short-term market fluctuations, ensuring Nigerians benefit from stable and affordable fuel pricing.
