Dangote Petroleum Refinery has dismissed reports suggesting that the recent reduction in petrol pump prices across the country was driven by the Federal Government’s suspension of the 15 per cent import tariff on Premium Motor Spirit (PMS) and diesel, insisting that the claim is misleading and factually incorrect.
In a statement on Monday, the company said its attention had been drawn to several publications falsely attributing the downward review in pump prices to a reversal of import tariffs. It described the reports as “deliberately misleading” and contrary to actual market events.
According to Dangote Refinery, the true trigger for the price adjustment was the company’s independent decision to reduce PMS gantry and coastal prices on November 6 — a move widely announced and implemented before oil marketers reviewed their pump prices.
The refinery clarified that on November 6, it reduced its PMS gantry price from ₦877 to ₦828 per litre, representing a 5.6 per cent reduction. Likewise, the coastal price dropped from ₦854 to ₦806 per litre. These reductions, the company explained, were published in major national media outlets including The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, and Business Hallmark, among others.
“The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect,” the company stated.
Dangote Refinery noted that the import tariff had already received presidential approval from President Bola Ahmed Tinubu since October 21 for immediate implementation. Yet, despite the tariff’s non-implementation, the company still went ahead to reduce product prices in line with its corporate philosophy of supporting Nigerians and ensuring they benefit from local refining.
“As a socially responsible company, our price reduction was not influenced by whether the tariff was implemented or not,” the statement added. “Since commencing operations, we have reduced prices more than seven times and absorbed logistics costs to maintain uniform nationwide pricing during festive seasons.”
The refinery also emphasized its role in stabilizing supply and resolving the recurring fuel scarcity that traditionally occurs during the ember months, stressing that its operations have helped Nigeria avoid artificial shortages.
Dangote further pushed back against what it described as attempts by “certain interests” to distort facts, noting that imported petroleum products—often below acceptable standards—are typically sold at prices higher than Dangote’s premium-grade fuel.
The company warned that the continued importation of substandard fuel amounts to economic dumping, a practice that undermines local industries. It referenced Nigeria’s past experience with the textile sector, which collapsed due to the influx of low-quality imports.
Reaffirming its long-term commitment to Nigeria’s energy market, Dangote Petroleum Refinery said its more than $20 billion investment demonstrates a resolve that far outweighs the temporary maneuvers of speculative importers.
“We remain committed to supplying high-quality, internationally benchmarked petroleum products at competitive prices. Our presence continues to moderate market prices and ensure Nigerians receive value for money,” the statement read.
Dangote added that it will continue to operate with transparency and integrity while prioritizing the nation’s energy security. It called on media organisations and stakeholders to desist from spreading inaccurate reports and instead rely on verified information in the interest of the public.
