KEY POINTS
- Dangote cut fuel prices independently on November 6.
- Tariff suspension did not trigger the pump price decline.
- Refinery warns against misleading market narratives.
Dangote Petroleum Refinery dismissed claims that the recent drop in petrol pump prices resulted from the government’s suspension of the 15 per cent import tariff.
The company said the reduction resulted solely from its own Dangote fuel price adjustment on November 6, before marketers updated pump rates. In a statement Monday, the refinery warned that attributing the price change to tariff policy was “misleading” and inconsistent with actual market dynamics. The company cut PMS gantry prices from N877 to N828 per litre and coastal prices from N854 to N806 per litre, representing a 5.6 per cent reduction.
Refinery warns against misleading narratives
Dangote emphasized that marketers revised pump prices only after conducting their internal price review. The company accused reports tying the price drop to tariff changes of deliberately confusing the public. Since starting operations, the $20 billion facility has reduced fuel prices over seven times and often absorbed logistics costs to maintain nationwide uniformity.
The refinery also highlighted its role in ending the typical “ember month” scarcity and delivering high-quality, internationally benchmarked petroleum products. While it condemned traders who take advantage of situations and imported fuels that aren’t as good, saying these things might make domestic energy markets less stable.
Dangote further said that short-term policy changes, like the suspension of tariffs, don’t impact its promise to keep electricity safe, open, and fairly priced. The refinery encouraged everyone involved to use only confirmed information to keep Nigeria’s developing domestic petroleum market safe and avoid spreading false information.
The statement ended with, “We are still focused on giving Nigerians high-quality petroleum products at prices that are competitive.” The prices we set are based on what the market says, not what the government tells us to do.
