Dangote Refinery Says Its Intervention Prompted Petrol Price Reduction
By Naija Enquirer Staff
Dangote Petroleum Refinery has clarified that its proactive reduction of Premium Motor Spirit (PMS) gantry and coastal prices was the real cause of the recent downward adjustment in petrol pump prices by oil marketers.
In a statement issued by the company, the management dismissed reports claiming that the price cuts were linked to the Federal Government’s reversal of a 15 percent import tariff on petroleum products, describing the claims as false and misleading.
“This narrative is 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 company stated.
Reduction Implemented Before Marketers Adjusted Prices
The refinery emphasized that the subsequent pump price changes by marketers were wrongly attributed to tariff decisions, despite clear evidence showing that Dangote Refinery had already announced significant price cuts.
On November 6, the refinery reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 percent reduction, while its coastal price dropped from N854 to N806 per litre. These adjustments were widely reported across major media platforms such as The Punch, Vanguard, The Cable, Daily Trust, The Sun, and others.
The company noted that these reductions were made well before marketers implemented their pump price changes.
It added that attributing the price drop to the suspension of the 15 percent tariff was erroneous, as President Bola Ahmed Tinubu had already approved the tariff as far back as October 21 for immediate implementation—even though it was yet to take effect.
Commitment to Affordable, High-Quality Fuel
The refinery stressed that its decision to reduce prices was independent of tariff implementation and aligned with its goal of ensuring Nigerians benefit from domestic refining.
“Since commencing operations, we have reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a major role in ending the perennial fuel scarcity associated with the ember months,” the statement added.
Dangote Refinery also criticized persistent claims that imported fuel drives local price reductions, arguing instead that imported products—often of lower standards—have been sold at higher pump prices than the premium-grade fuel produced by the refinery.
Warning Against Dumping and Substandard Imports
The management warned that continuous importation of substandard petroleum products constitutes dumping, a practice that undermines Nigeria’s economy and industrial development.
The statement recalled how unchecked dumping contributed to the collapse of Nigeria’s textile industry, once a major source of employment.
Long-Term Commitment to Nigeria’s Energy Future
Reiterating its long-term vision, the refinery said it remains unmoved by the “short-term tactics” of speculative importers who enter and exit the market at will.
“With a long-term investment exceeding $20 billion, we are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts,” it said.
The company reaffirmed its pledge to supply high-quality, internationally benchmarked petroleum products at competitive prices, maintaining its role in stabilizing the market and ensuring consumers receive genuine value.
“Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security. We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public,” the statement concluded.
