DANGOTE REFINERY SETS RECORD STRAIGHT: PRICE CUT, NOT TARIFF REVERSAL, BEHIND FUEL PRICE DROP
GREATRIBUNETVNEWS–Dangote Petroleum Refinery has clarified that its decision to reduce prices, not the Federal Government’s reversal of the 15% import tariff, led to the recent decrease in pump prices. On November 6, the refinery cut its PMS gantry price from N877 to N828 per litre and coastal price from N854 to N806 per litre, prompting oil marketers to adjust their prices .
The refinery emphasized that the import tariff had already been approved by President Bola Ahmed Tinubu on October 21, and its price cut was an independent decision. Dangote Refinery aims to ensure Nigerians benefit from domestic refining, having reduced prices over seven times and absorbed logistics costs to maintain nationwide price stability
To reiterate, Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre. These changes were publicly announced across major media platforms, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.
The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR as far back as October 21 for immediate implementation.
Despite the non-implementation of the tariff, we reduced the price of our products. As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining. Since commencing operations, we have reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a major role in ending the perennial and artificial fuel scarcity typically associated with the ember months.
Contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery. The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development. Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour.
Dangote Petroleum Refinery remains fully committed to supplying high-quality, internationally benchmarked petroleum products at competitive prices. Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.
We are not moved by the short-term tactics of speculative importers who enter and exit the market at will. With a long-term investment exceeding $20 billion, we are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts. Our focus is clear: to deliver reliable, high-quality, and competitively priced fuel to all Nigerians.
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
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