DANGOTE Petroleum Refinery has firmly stated that the recent reduction in pump prices of Premium Motor Spirit (PMS) is a direct result of its own strategic price cuts, contradicting widespread reports that attributed the decline to a government policy suspension.
The refinery’s clarification comes in response to media reports suggesting that the Federal Government’s suspension of a 15% import tariff on PMS and diesel was the primary driver behind the price adjustment observed at fuel stations across the country.
In a press statement on Monday, the company described this narrative as “entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
It instead asserted that the causal factor was its own decision to lower gantry and coastal prices on November 6, a move that preceded marketers’ subsequent adjustments at the pump.
“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 statement read. “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.”
To substantiate its claim, Dangote Refinery provided specific figures, noting that on November 6, it reduced its PMS gantry price from N877 to N828 per litre, marking a 5.6 per cent decrease. The coastal price was also lowered from N854 to N806 per litre.
The company emphasised that these changes were publicly announced across major media platforms and implemented well before oil marketers adjusted their retail prices.
The refinery also revealed that the import tariff in question had actually received presidential approval for immediate implementation as far back as October 21. It stated that its decision to reduce prices was made “despite the non-implementation of the tariff,” positioning the move as a demonstration of its “socially responsible” ethos.
The statement outlined the company’s broader market influence since commencing operations, citing over seven price reductions, the absorption of logistics costs for nationwide price uniformity during festive periods, and a role in ending the “perennial and artificial fuel scarcity” typically associated with the year’s end.
In a pointed critique of fuel importers, the refinery accused “certain interests” of selling imported products, which it claimed are “often below acceptable standards,” at higher prices than its own “premium-grade fuel.”
It labelled the continued importation of such products as “dumping,” a practice it warned could undermine Nigeria’s economic growth and industrial development, drawing a parallel to the collapse of the textile industry.
Reaffirming its long-term commitment, the refinery highlighted its $20 billion investment, stating it remains “unfazed by temporary policy shifts” and “short-term tactics of speculative importers.”
“Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security,” the statement concluded, urging media organisations to “report responsibly and rely on verified information.”
