Dangote Refinery: Pump Price Reduction Not Linked to Tariff Suspension

Dangote Refinery: Pump Price Reduction Not Linked to Tariff Suspension

Dangote Petroleum Refinery has dismissed claims that the recent drop in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff on petrol, insisting the reduction came solely from its own pricing decisions.

In a statement issued on Monday, the refinery described reports tying the lower pump prices to the tariff reversal as “misleading” and “inconsistent with the facts.” It explained that it reduced its Premium Motor Spirit (PMS) gantry and coastal prices on 6 November—several days before marketers adjusted retail prices at filling stations.

According to the company, its PMS gantry price was cut from ₦877 to ₦828 per litre, while the coastal price dropped from ₦854 to ₦806 per litre, representing a 5.6 per cent decrease. These changes, it noted, were widely reported in national and international media before any pump price revisions by marketers.

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“The attention of Dangote Petroleum Refinery has been drawn to misleading publications claiming that recent pump price reductions resulted from the Federal Government’s reversal of the 15 per cent import tariff,” the refinery said. “This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics.”

Dangote Refinery added that although President Bola Tinubu approved the tariff implementation as far back as 21 October, its decision to reduce PMS prices was independent of government policy and driven by a commitment to ease consumer hardship.

The 15 per cent tariff approval had sparked criticism from independent marketers, who warned it would raise domestic fuel prices. When the government later suspended the levy, some commentators attributed falling pump prices to the reversal—an assertion the refinery firmly rejects. It claimed such narratives are being pushed by “speculative importers” seeking to distort market realities and undermine progress in stabilising the downstream petroleum sector.

Highlighting its operational record, the refinery noted it has reduced fuel prices more than seven times since commencing production—often absorbing logistics costs to maintain uniform nationwide pricing, particularly during festive periods. It also credited its steady domestic supply with eliminating the country’s recurrent year-end fuel scarcity.

Dangote Refinery further criticised the influx of imported fuel products, arguing that many do not meet acceptable quality standards and are often sold at higher prices than its own “internationally benchmarked” products. It described the practice as “dumping,” warning that similar trends previously weakened local industries such as the textile sector.

Despite what it termed attempts by opportunistic traders to manipulate the market, the refinery reiterated its commitment to long-term national energy security.

“We will continue to operate with integrity, transparency, and an unwavering focus on energy security. Our goal remains to supply Nigerians with high-quality, competitively priced petroleum products,” the statement said.

The refinery urged marketers and members of the public to rely on verified information in order to prevent misinformation capable of destabilising the country’s emerging domestically driven fuel supply system.

Dangote Refinery: Pump Price Reduction Not Linked to Tariff Suspension