Dangote Petroleum Refinery has rejected reports suggesting that the recent reduction in petrol pump prices was caused by the Federal Government’s suspension of a 15 per cent import tariff, insisting the drop was solely driven by its internal downward review of Premium Motor Spirit (PMS) prices.
In a statement issued on Monday, the refinery described the circulating claims as “misleading,” “false,” and “deliberately crafted to confuse the public,” stressing that its price adjustment on November 6 preceded the changes made by fuel marketers.
The company said linking marketers’ pump price cuts to the tariff suspension was “inconsistent with actual market dynamics.”
The statement read, “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.
“This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics.”
According to the refinery, its PMS gantry and coastal price reduction was implemented well before marketers adjusted their retail rates.
Dangote explained that on November 6, it reduced PMS gantry price from ₦877 to ₦828 per litre, and coastal price from ₦854 to ₦806 per litre, a 5.6 per cent reduction widely reported across major media outlets.
“Any suggestion that pump prices fell because the 15 per cent import tariff was reversed is entirely false,” the statement added.
It noted that President Bola Tinubu approved the tariff implementation on October 21, but despite its non-implementation the refinery still proceeded with its price cut “to ease the burden on Nigerian consumers.”
The company also criticised what it called an attempt by “speculative importers” to distort market realities and mislead Nigerians.
It warned that some imported products “do not meet acceptable standards” and are sold at pump prices higher than its “internationally-benchmarked” fuel.
Dangote added, “The influx of lower-quality imported fuel amounts to dumping, which has previously contributed to the collapse of several local industries, including Nigeria’s textile sector.”
Dangote disclosed that since it commenced operations, it has cut PMS prices more than seven times and absorbed logistics costs to keep nationwide prices uniform—moves that helped prevent the usual “ember month” fuel scarcity.
The refinery added that short-term market turbulence or policy shifts would not derail its long-term commitment.
“We will continue to operate with integrity, transparency, and an unwavering focus on energy security,” the company stated.
Calling for decorum in public commentary, Dangote urged marketers, commentators, and sector players to rely on verified information and avoid amplifying narratives capable of destabilising Nigeria’s growing domestic fuel supply framework.
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