Dangote Refinery Clarifies: Falling Pump Prices Driven by Its 5.6% PMS Reduction — Not FG’s Suspension of 15% Import Tariff

Dangote Petroleum Refinery has noted several misleading reports suggesting that recent pump price reductions by oil marketers were caused by the Federal Government’s suspension of the 15% import tariff on PMS and diesel.

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This claim is incorrect, misleading, and not supported by actual market conditions. For clarity, the reduction in pump prices directly followed our adjustment of PMS gantry and coastal prices on November 6 not any tariff decision. Attempts to attribute the market shift to tariff suspension distort the facts and misinform the public.

On November 6, Dangote Petroleum Refinery reduced its PMS gantry price from ₦877 to ₦828 per litre (a 5.6% cut) and its coastal price from ₦854 to ₦806 per litre. These reductions were widely publicized through major national media outlets including The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, Business Hallmark, among others. Marketers subsequently adjusted their pump prices after these changes were implemented.

Contrary to ongoing insinuations, the suspension of the 15% import tariff did not influence this market development. The tariff had, in fact, received presidential approval from His Excellency, President Bola Ahmed Tinubu, GCFR, since October 21 for immediate implementation.

Regardless of the tariff status, Dangote Refinery proceeded to reduce product prices. As a responsible corporate entity, this decision reflects our commitment to ensuring that Nigerians reap the full benefits of domestically refined products. Since commencing operations, we have lowered prices multiple times, absorbed logistics costs to ensure nationwide price uniformity during festive seasons, and significantly contributed to ending the recurring artificial fuel scarcity often experienced during the ember months.

Despite misleading assertions from certain quarters, imported fuels  often of lower quality  have consistently been sold at higher pump prices compared to the premium-grade fuels supplied by Dangote Refinery. The continued influx of substandard imports amounts to dumping, a harmful economic practice that has historically undermined Nigerian industries, including the once-booming textile sector.

Dangote Petroleum Refinery remains committed to delivering high-quality, globally benchmarked petroleum products at competitive prices. Our presence continues to stabilize and moderate market prices, offering Nigerians genuine value.

We are unperturbed by short-term speculative activities from opportunistic importers. Having invested over $20 billion in Nigeria’s energy sector, our commitment is long-term and firmly rooted. Our objective is clear: to supply dependable, top-quality, competitively priced fuel to Nigerians.

We will continue to operate transparently, responsibly, and with unwavering dedication to Nigeria’s energy security. We urge stakeholders and media organisations to rely on verified information and to uphold accurate reporting in the interest of the Nigerian public.