Dangote Refinery Slashes Petrol Prices, Says Marketers’ Reductions Followed Its Lead
Dangote Petroleum Refinery has clarified that its recent reduction in petrol gantry and coastal prices prompted the subsequent drop in pump prices by marketers, rejecting claims that the federal government’s suspension of a 15% import tariff was responsible. In a statement, the refinery emphasized that misleading publications attributing the price cut to government policy were inconsistent with actual market dynamics.
On November 6, Dangote Refinery reduced its petrol (PMS) gantry price from N877 to N828 per litre—a 5.6% decrease—and cut its coastal price from N854 to N806 per litre. These reductions, widely reported across major media outlets, were implemented before marketers adjusted their pump prices, proving that the refinery’s action, rather than a tariff reversal, was the key factor behind the downward movement in fuel prices.
The refinery reiterated that the 15% import tariff, approved by President Bola Ahmed Tinubu on October 21, had not been implemented at the time of the price adjustment. The company stressed that its decision reflects a commitment to making domestically refined fuel affordable for Nigerians, absorbing logistics costs, and ensuring price uniformity nationwide, particularly during festive periods when fuel scarcity has historically been a problem.
Dangote Refinery also criticized the continued importation of substandard fuel, highlighting that these products are often sold at higher pump prices than its premium-grade fuel. The refinery noted that such practices constitute harmful dumping, which undermines economic growth and industrial development—a situation Nigeria has experienced before, including the collapse of its once-thriving textile sector.
With a long-term investment exceeding $20 billion, Dangote Refinery reaffirmed its commitment to supplying high-quality, internationally benchmarked petroleum products at competitive prices. The company stressed its focus on energy security, market stability, and transparency, urging media and stakeholders to rely on verified information to inform the public.
source: Leadership