Dangote refinery clarifies fuel price reduction unrelated to government tariff reversal
The Dangote Petroleum Refinery has clarified that the recent reduction in fuel pump prices by marketers had no connection with the federal government’s suspension of the 15 per cent import tariff on petrol and diesel.
In a statement released on Monday, the 650,000 barrels-per-day facility stressed that reports linking the price drop to the government’s tariff reversal were “entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
The refinery explained that the adjustments were implemented days before the government announced its policy suspension.
“For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of petrol gantry and coastal prices on November 6, not the import tariff decision,” the statement said.
According to Dangote, the PMS gantry price was lowered from N877 to N828 per litre a 5.6 per cent decrease while the coastal price dropped from N854 to N806 per litre.
The refinery underscored that the reduction had been publicly communicated through major media platforms, including The Punch, Vanguard, Daily Trust, The Cable, and New Telegraph, well ahead of any adjustment by marketers.
Nigeria’s suspension of the 15 per cent duty on imported petrol and diesel had marked a retreat from a policy designed to protect domestic refining capacity and gradually achieve energy self-sufficiency.
The duty, initially approved by President Bola Ahmed Tinubu on October 21, was intended to narrow the cost gap between local production and imports.
However, the government later cited concerns over inflation and economic hardship as reasons for postponing its implementation.
Dangote Petroleum Refinery emphasised that it has consistently reduced fuel prices since commencing operations, absorbing logistics costs to ensure nationwide price stability, particularly during festive periods.
The company also highlighted its role in ending recurring fuel scarcity in Nigeria.
Addressing claims regarding imported fuel, the refinery noted that substandard imported products are often sold at higher pump prices than its premium-grade fuel.
“The continued importation of substandard fuel constitutes dumping, which undermines economic growth and industrial development,” it stated, citing the historical collapse of Nigeria’s textile industry as an example of unchecked market practices.
The refinery reaffirmed its commitment to supplying high-quality, internationally benchmarked petroleum products at competitive prices.
It stressed that its $20 billion investment in the sector remains focused on providing reliable, affordable fuel while maintaining transparency and integrity.
“Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security.
”We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public,” the statement concluded.
Dangote
