Dangote Petroleum Refinery has clarified that the recent reduction in petrol pump prices by oil marketers across the country was a direct result of the refinery’s downward review of Premium Motor Spirit (PMS) prices on November 6, and not due to the Federal Government’s suspension of the proposed 15 per cent import tariff.
According to the refinery, the ex-refinery price changes were widely reported across major news platforms including The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, Business Hallmark and several others. These reports indicated that the PMS gantry price had been reduced from ₦877 to ₦828 per litre, while the coastal price dropped from ₦854 to ₦806 per litre, representing a 5.6 per cent decrease.
The company emphasised that the approval for the 15 per cent tariff had been granted by President Bola Ahmed Tinubu since October 21 st for immediate implementation, but the tariff was not yet effective at the time Dangote adjusted its prices. It stressed that the refinery acted independently, driven by its commitment to ensure Nigerians benefit from domestic refining capacity.
Since commencing operations, Dangote Refinery noted that it has reduced PMS prices more than seven times, absorbed logistics costs to maintain nationwide uniformity during high demand festive periods, and played a key role in eliminating the persistent artificial scarcity traditionally experienced during the ember months.
The company also raised concerns over continued importation of lower quality fuel products into the Nigerian market, describing such practices as harmful to industrialisation and national growth. It referenced past negative economic impacts of unchecked dumping, including the collapse of Nigeria’s textile industry which once provided significant employment.
Backed by an investment exceeding $20 billion, Dangote Refinery stated that it remains committed to supplying high quality, internationally compliant petroleum products at competitive prices. It said its operations continue to moderate market pricing and guarantee value for Nigerian consumers, unaffected by short-term market tactics or policy fluctuations.
The refinery reiterated its resolve to operate with transparency and integrity while strengthening Nigeria’s long term energy security. It called on industry players and media stakeholders to rely on verified information and ensure accurate communication to the public.
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