The Dangote Petroleum Refinery says the recent drop in petrol pump prices by oil marketers was a result of its own reduction in gantry and coastal prices.
The refinery said the downward trend of prices is not linked to the federal government’s suspension of the 15 percent import duty on petroleum products.
On November 7, the Dangote refinery slashed its ex-gantry petrol price to N828 per litre.
Almost a week later, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), announced the suspension of the implementation of the 15 percent petrol import duty.
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The following day, media reports attributed the petrol price reduction to the federal government’s decision.
“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 firm said in a statement on Monday.
The refinery said the narrative is “entirely false, deliberately misleading, and inconsistent with actual market dynamics”.
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“For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6,” the plant said.
“The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public.5.
“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.”
Dangote refinery said the changes were publicly announced across major media platforms and were implemented well before marketers adjusted their pump prices.
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According to the refinery, the claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is incorrect,m.
“The import tariff had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR as far back as October 21 for immediate implementation,” Dangote refinery said
“Despite the non-implementation of the tariff, we reduced the price of our products.”
The refinery said the 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”.
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‘WE’VE REDUCED PETROL PRICE MORE THAN SEVEN TIMES’
Since commencing operations, Dangote refinery said it has lowered prices on more than seven occasions and absorbed logistics costs to maintain nationwide price uniformity during festive periods.
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The company said it has also played a key role in ending the recurring and artificial fuel shortages typically seen during the festive 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 plant said.
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“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.”
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Dangote refinery further affirmed its continued commitment to delivering high-quality, internationally benchmarked petroleum products at competitive prices.
The said it was 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, the plant said “we are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts”.
