Dangote Petroleum Refinery has dismissed reports suggesting that the recent drop in petrol pump prices was triggered by the Federal Government’s temporary reversal of the 15 per cent import tariff, describing the claims as misleading and inconsistent with market realities.

In a statement issued by its management, the refinery said the price reduction by oil marketers was a direct response to its own downward review of Premium Motor Spirit (PMS) gantry and coastal prices on November 6, and not the outcome of any tariff-related decision.

According to the company, it 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. These adjustments, it noted, were widely reported across major Nigerian media outlets and were made well before marketers adjusted their pump prices.

“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.

“This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics,” the company stated. It noted that the tariff had already received President Bola Tinubu’s approval for immediate implementation as far back as October 21.

Dangote Refinery explained that its decision to reduce PMS prices was driven by its commitment to easing the financial burden on Nigerians, irrespective of the tariff status. It highlighted its track record of cutting product prices more than seven times since commencing operations and absorbing logistics costs during festive periods to maintain nationwide price uniformity.

The refinery also criticised the continued importation of what it described as substandard fuel, warning that such dumping practices undermine Nigeria’s industrial growth. It drew parallels with the collapse of the country’s once-vibrant textile industry, which suffered from similar dumping of inferior foreign products.

“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 statement added.

Reaffirming its long-term commitment to Nigeria’s energy sector, Dangote said its $20 billion investment positions it to stabilise fuel supply and pricing, regardless of short-term market disruptions or policy shifts.

The refinery urged stakeholders and media organisations to verify information before publication, emphasising the need for responsible reporting in the interest of the Nigerian public.

Recall that last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) “is no longer in view,” a development expected to ease importation and maintain price stability.