Dangote Petroleum Clarifies Petrol Price Drop Unrelated to Federal Tariff Suspension

Dangote Petroleum Refinery has rejected claims that the recent reduction in petrol pump prices was linked to the Federal Government’s suspension of the 15 per cent import tariff. The company emphasized that the decrease resulted solely from its own downward revision of Premium Motor Spirit (PMS) prices.

In a statement on Monday, Dangote Refinery said it lowered its gantry and coastal prices on November 6—well before marketers adjusted pump rates—warning that attributing the change to the tariff suspension was “misleading” and “inconsistent with the facts.”

“The attention of Dangote Petroleum Refinery has been drawn to misleading reports suggesting that the recent pump price reduction is a result of the Federal Government’s reversal of the 15 per cent import tariff. This narrative is false and inconsistent with actual market dynamics,” the statement said.

The refinery confirmed it cut its PMS gantry price from N877 to N828 per litre and coastal price from N854 to N806 per litre, a 5.6 per cent reduction, which was widely reported across major media before any change at the pump. “Any suggestion that the price drop was caused by the tariff suspension is entirely false,” the company added.

Dangote Petroleum noted that President Bola Tinubu had approved the tariff for implementation on October 21, but despite the levy not being applied, the refinery independently lowered its PMS prices to ease the burden on consumers.

The statement also highlighted the company’s consistent commitment to affordable fuel, noting that since operations began, it has reduced prices more than seven times and absorbed logistics costs to ensure nationwide pricing during peak periods. The refinery’s entry into the market, it said, has addressed the recurring “ember month” fuel scarcity caused by distribution challenges, import delays, and hoarding.

Dangote cautioned against reliance on unverified reports that misrepresent market realities and said the influx of lower-quality imported fuels, sold at higher prices, amounted to “dumping” practices that had previously harmed sectors like textiles.

The company reaffirmed its focus on integrity, transparency, and energy security, stating: “Our goal remains to supply Nigerians with high-quality, competitively priced petroleum products.” It urged marketers and stakeholders to depend on verified information to avoid destabilizing the emerging domestic fuel supply system.