The Dangote Petroleum Refinery has noted several misleading reports suggesting that the recent drop in fuel pump prices by marketers was caused by the Federal Government’s reversal of the 15% import tariff.
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This claim is completely untrue and misrepresents how the market actually works. To be clear, the only reason pump prices went down is our own decision to reduce PMS gantry and coastal prices on November 6. Unfortunately, this fact is now being twisted to create a false narrative around the import tariff.
For clarity, on November 6, Dangote Petroleum Refinery reduced its PMS gantry price from N877 to N828 per litre—a 5.6% reduction—and its coastal price from N854 to N806 per litre. These reductions were publicly announced across major national media outlets including The Punch, Vanguard, The Cable, Daily Trust, The Sun, and others—well before marketers adjusted their pump prices.
The suggestion that pump price reductions are linked to the suspended 15% import tariff is therefore incorrect. The tariff had already been approved by President Bola Ahmed Tinubu, GCFR, since October 21 for immediate implementation.
Regardless of the tariff’s non-implementation, we independently reduced our prices. As a socially responsible business, our decision was driven by the need to ensure Nigerians benefit from domestic refining. Since we began operations, we have reduced fuel prices more than seven times, absorbed logistics costs to maintain nationwide price stability during festive periods, and helped eliminate the recurring, artificial scarcity that usually affects the ember months.
Despite ongoing claims from certain quarters, imported fuel—often of lower quality—has consistently been sold at a higher pump price than the world-class product supplied by Dangote Refinery. Allowing substandard fuel into the country amounts to dumping, a damaging practice that threatens local industries and economic stability. Nigeria has already experienced the consequences of unchecked dumping, as seen in the collapse of the once-booming textile industry.
Dangote Petroleum Refinery remains focused on supplying top-quality, globally benchmarked fuel at fair and competitive prices. Our presence in the industry continues to stabilise the market and ensure Nigerians get real value.
We are not deterred by the short-term actions of speculative importers who move in and out of the market based on convenience. With over $20 billion invested in Nigeria’s energy sector, our commitment is long-term and unwavering. Our priority is clear: delivering reliable, high-quality, and affordable fuel to Nigerians.
We will continue to operate with transparency and integrity, and we urge stakeholders and the media to rely on verified, factual information when engaging the public.
