November 17, (THEWILL) — The Dangote Petroleum Refinery has dismissed reports suggesting that the recent reduction in petrol pump prices nationwide was influenced by the Federal Government’s suspension of the 15 percent import tariff on fuel.
The company, in a statement signed on Monday by its Management, insisted that marketers’ price cuts were prompted solely by its own downward adjustment of Premium Motor Spirit (PMS) prices on November 6.
Describing the circulating reports as “false, deliberately misleading, and inconsistent with actual market dynamics”, Dangote said attributing the market shift to a non-implemented policy amounted to a distortion of facts.
According to the refinery, it reduced its PMS gantry price from N877 to N828 per litre and its coastal price from N854 to N806 per litre — representing a 5.6 percent decrease — days before filling stations adjusted their pump prices. These changes, the company noted, were publicly announced across several major media platforms, including THEWILL, Punch, Vanguard, among others.
“The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to misinform the public”, the statement said.
Dangote clarified that while the suspension of the 15 percent import tariff had received presidential approval as far back as October 21, it was never implemented. Therefore, the company stressed, the tariff could not have played any role in marketers’ pricing decisions.
The refinery maintained that its price cuts were undertaken as part of its commitment to ensuring Nigerians enjoy the benefits of domestic refining amid rising logistics costs and the annual end-of-year supply pressures typically associated with the ember months. It noted that it had reduced its prices on more than seven occasions since operations began, absorbing additional costs to maintain nationwide uniformity.
Asserting that its interventions have contributed to moderating the market, Dangote criticised the continued importation of substandard fuel, saying imported products of lower quality are often sold at higher prices than its own premium-grade petroleum. The company warned that such unchecked dumping threatens Nigeria’s economic development and mirrors the harmful trend that destroyed sectors like the textile industry.
Dangote reaffirmed its commitment to supplying high-quality petroleum products at competitive prices and said it remains unfazed by speculative activities from importers who “enter and exit the market at will.”
“With a long-term investment exceeding $20 billion, our focus is clear: to deliver reliable, high-quality, competitively priced fuel to all Nigerians”, the statement added.
Reiterating its pledge to operate with integrity, transparency, and unwavering dedication to stabilising the nation’s fuel supply chain, the refinery urged stakeholders, policymakers, and media organisations to rely on verified information and avoid amplifying narratives capable of derailing Nigeria’s progress toward energy security.
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