Dangote Refinery credits its own price cut for lower petrol prices

The Dangote Petroleum Refinery has strongly refuted reports suggesting that the recent nationwide reduction in petrol pump prices was a result of the Federal Government's decision to reverse the 15 per cent import tariff.

The company labeled such publications as misleading, false, and inconsistent with market dynamics.

In a press statement issued on Monday, the refinery insisted that the adjustment in pump prices was triggered solely by its own decision to cut the price of Premium Motor Spirit (PMS) at the gantry and coastal points on November 6th. The company noted that these changes were publicly announced across major media platforms before marketers revised their pump prices.

Dangote confirmed that its PMS gantry price was reduced from N877 to N828 per litre, representing a \mathbf{5.6} per cent decrease, while the coastal price was cut from N854 to N806 per litre.

The refinery stressed that these specific reductions, and not the suspended import tariff, prompted marketers across the country to adjust their retail prices downward.

The refinery further clarified that although the 15 per cent tariff suspension was approved by President Bola Tinubu for implementation from October 21, the tariff was not eventually rolled out. It added that its price cut was not influenced by the tariff at all and instead reflected its commitment to supporting domestic refining and stabilising the downstream market.

Dangote accused speculative fuel importers of attempting to distort the narrative to justify the continued influx of substandard imported petrol, which it claimed has historically been sold at higher prices than its own premium-grade product.

The company argued that such practices amount to dumping and ultimately harm Nigeria’s economy, citing past damage done to local industries.

Reaffirming its stance, the refinery maintained that it remains focused on supplying high-quality, competitively priced fuel to Nigerians. It noted that it has reduced prices on multiple occasions since commencing operations and has taken logistical steps to ensure nationwide price stability, especially during upcoming festive periods.

The company emphasized its long-term commitment to transparency, energy security, and reliable domestic fuel supply, urging the public and media organisations to rely on verified information when reporting on market developments.