Dangote Refinery refutes claims linking petrol price drop to tariff suspension
Story by Martha Gwary.
Dangote Petroleum Refinery has rejected suggestions that the recent reduction in petrol pump prices was prompted by the Federal Government’s suspension of a 15 per cent import tariff on petrol, stating that the decline resulted solely from its own price adjustments.
In a statement issued on Monday, the refinery described reports linking the fall in pump prices to the tariff decision as “misleading” and “inconsistent with the facts,” stressing that it had reduced its Premium Motor Spirit (PMS) gantry and coastal prices on 6 November—days before marketers reviewed retail prices at filling stations.
According to the company, the downward review saw its PMS gantry price reduced from ₦877 to ₦828 per litre and its coastal price cut from ₦854 to ₦806 per litre, representing a 5.6 per cent decrease. These revisions, it noted, were widely published across major national and international media outlets well before marketers adjusted pump prices.
“The attention of Dangote Petroleum Refinery has been drawn to a series of misleading publications claiming that the recent reduction in pump prices by oil marketers is a consequence of the Federal Government’s reversal of the 15 per cent import tariff,” the statement read. “This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
The refinery added that although President Bola Tinubu had approved the 15 per cent tariff for implementation as far back as 21 October, it proceeded with price reductions irrespective of the policy, stating that its actions were driven by a commitment to ease pressure on consumers.
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The Federal Government’s tariff approval had attracted criticism from independent marketers, who argued that the levy would raise domestic petrol prices. When the tariff was suspended last week, some commentators attributed subsequent pump price reductions to the policy reversal—an assertion Dangote Refinery insists is inaccurate.
The refinery further claimed that such narratives were being pushed by “speculative importers” attempting to distort market realities and undermine the progress being made in stabilising the downstream sector.
Describing its operational trajectory since commencing production, the company said it had lowered fuel prices more than seven times, often absorbing logistics costs to maintain uniform pricing across the country, particularly during festive periods.
It also highlighted its role in eliminating the perennial year-end fuel scarcity typically associated with distribution bottlenecks, import delays, and hoarding, noting that its steady domestic supply has brought new stability to the market.
Criticising the influx of imported products, the refinery maintained that many of the fuels brought into the country do not meet acceptable quality standards and are often sold at higher pump prices than its “internationally benchmarked” products. It characterised such practices as “dumping,” warning that they mirror patterns that previously contributed to the collapse of local industries such as Nigeria’s textile sector.
Despite what it described as attempts by opportunistic traders to manipulate the market, Dangote Refinery said it remains focused on 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 added.
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The refinery urged marketers, industry players, and the public to rely on verified information to prevent misinformation that could destabilise the country’s emerging domestically driven fuel supply system.
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