Dangote Refinery Says Fuel Price Cut Driven by Its Own Decision, Not Tariff Reversal

Dangote Petroleum Refinery has clarified that the recent reduction in pump prices by oil marketers is due to its own pricing adjustments, not the Federal Government’s suspension of the 15 per cent import tariff.

In a statement on Monday, the company dismissed claims linking the fuel price drop to the tariff reversal as false, misleading, and inconsistent with market realities.

The refinery explained that on November 6, it reduced its petrol (PMS) gantry price from N877 to N828 per litre, a 5.6 per cent decrease, while the coastal price fell from N854 to N806 per litre. These reductions, widely publicized across major media outlets, preceded adjustments by marketers at petrol stations.

“The claim that pump price reductions were driven by the suspension of the 15 per cent import tariff is incorrect. The tariff had already been approved by President Bola Ahmed Tinubu on October 21 for immediate implementation,” the refinery stated.

Dangote Refinery emphasized that its decision to lower prices aligns with its commitment to providing Nigerians with the benefits of domestic refining and is not contingent on government policy changes. Since beginning operations, the company has reduced fuel prices on multiple occasions, absorbed logistics costs to ensure nationwide price uniformity, and helped prevent the recurring fuel scarcity typical during the festive season.

The refinery also criticized imported fuel, often sold at higher prices despite being substandard, describing the practice as dumping that undermines economic growth. It highlighted the adverse effects of such practices on industries like Nigeria’s once-thriving textile sector.

“Our operations continue to moderate market prices, offering high-quality, internationally benchmarked petroleum products at competitive rates. With over $20 billion invested in the sector, Dangote Petroleum Refinery remains committed to Nigeria’s energy security, delivering reliable fuel and ensuring value for consumers,” the statement added.

The company called on media outlets and stakeholders to rely on verified information to avoid misleading the public.