“Our price cut drove drop in petrol prices, not 15% tariff reversal” – Dangote Refinery

Dangote Refinery has clarified that the recent reduction in petrol pump prices was triggered solely by its downward adjustment of ex-depot prices on 6 November, not by the temporary suspension of the 15 per cent import tariff.

The Refinery made its clarification in a statement released on Monday, stating, “Dangote Petroleum Refinery clarifies that the recent reduction in PMS pump prices by oil marketers was a direct response to our price cut on November 6. It was not caused by the temporary reversal of the 15 per cent import tariff.”

The refinery said oil marketers responded directly to its decision on November 6 to lower the ex-refinery cost of Premium Motor Spirit (PMS).

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The company reduced its gantry price from N877 to N828 per litre and slashed the coastal price from N854 to N806, prompting marketers to adjust pump prices across the country.

The clarification comes amid public debate over the factors influencing the latest reduction in fuel prices, with some reports attributing it to the government’s temporary reversal of the 15 per cent import tariff.

Dangote, however, emphasised that its pricing decision, not policy changes, drove the market reaction.

The statement added that the company remains committed to supplying high-quality, competitively priced fuel and ensuring Nigerians enjoy the full benefits of domestic refining, reinforcing expectations that more price adjustments may emerge as the refinery ramps up production.