The Dangote Petroleum Refinery has issued a sharp clarification, firmly stating that the recent reduction in Premium Motor Spirit (PMS) pump prices across the market is a direct result of its internal price reduction, and not a consequence of the Federal Government's (FG) suspension of the 15 per cent import tariff on petroleum products.
In a statement released on the matter, the company lamented a series of misleading publications that have attempted to link the lower pump prices to the tariff reversal.
It labelled this narrative as entirely false, deliberately misleading, and inconsistent with actual market dynamics.
“For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6.
"The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public,” the refinery stated.
Dangote reiterated that on November 6, it reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease.
Simultaneously, its coastal price dropped from N854 to N806 per litre. These changes, the refinery noted, were publicly announced across major media platforms and were implemented well before marketers adjusted their pump prices.
The company pointed out that the claim linking the pump price drop to the 15 per cent import tariff suspension is incorrect, especially since President Bola Ahmed Tinubu had approved the immediate implementation of the tariff as far back as October 21.
The refinery insisted that its decision to reduce prices was borne out of its commitment as a socially responsible company and was not contingent on whether the tariff was implemented or not.
Since beginning operations, the facility says it has reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a significant role in ending the perennial fuel scarcity often seen during the 'ember months.'
Dangote also stressed that imported products, which are often below acceptable standards, have consistently been sold at higher pump prices than its own premium-grade fuel.
The company criticised the continued importation of substandard fuel, characterising it as dumping, a harmful practice that undermines economic growth and industrial development.
It warned that Nigeria has previously witnessed the devastating consequences of such unchecked dumping, citing the collapse of the once-thriving textile industry as a historical parallel.
With a long-term investment exceeding $20 billion, Dangote Petroleum Refinery reaffirmed its unwavering commitment to Nigeria’s energy sector.
It pledged to continue supplying high-quality, internationally benchmarked petroleum products at competitive prices, assuring the public that its operations will continue to moderate prices and ensure Nigerian consumers receive genuine value for money.
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