Dangote Petroleum Refinery has dismissed reports suggesting that recent pump price reductions by oil marketers were triggered by the Federal Government’s decision to suspend the 15 per cent fuel import tariff, insisting that the claims are “false, misleading and inconsistent with market realities.”
In a statement, the refinery clarified that the downward review of petrol pump prices across filling stations was directly influenced by Dangote’s own reduction of PMS gantry and coastal prices on November 6, not by any tariff reversal.
According to the company, its gantry price for Premium Motor Spirit (PMS) was reduced from ₦877 to ₦828 per litre, a 5.6 per cent drop, while its coastal price declined from ₦854 to ₦806 per litre. These adjustments, it said, were widely reported across major media platforms and took effect well before marketers altered their retail prices.
“It is inaccurate to attribute the pump price reduction to the suspension of the 15 per cent import tariff,” the company stated, noting that the tariff had already received President Bola Ahmed Tinubu’s approval for immediate implementation on October 21, even though it had not been enforced at the time Dangote lowered its prices.
The refinery emphasised that its decision to cut prices was purely in line with its commitment to ensuring Nigerians benefit from domestic refining. Since commencing operations, Dangote said it has reduced prices more than seven times, absorbed logistics costs to maintain nationwide uniform pricing during festive periods, and helped eliminate the chronic fuel scarcity typically associated with year-end months.
Dangote also criticised the importation of what it described as “substandard products,” warning that such practices amount to dumping—an economic threat that previously contributed to the collapse of Nigeria’s once-thriving textile industry. It maintained that imported fuels are often sold at higher pump prices than its own premium-grade products.
Despite recent market speculation, the refinery stressed that it remains focused on long-term energy security and market stability, backed by an investment exceeding $20 billion. The company said it is “unfazed by temporary policy shifts” and is committed to supplying high-quality petroleum products benchmarked against international standards.
“We urge media organisations and stakeholders to rely on verified information. Dangote Petroleum Refinery will continue to operate with integrity, transparency and a firm commitment to Nigeria’s energy needs,” the statement added.
