Dangote Refinery Attributes Recent Petrol Price Drop to Its Own Price Cut, Not Tariff Reversal

Dangote Refinery has clarified that the recent decline in petrol pump prices was solely a result of its decision to reduce ex-depot prices on November 6, rather than the temporary suspension of the 15 per cent import tariff.

In a statement released on Monday, the company explained, “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 noted that oil marketers adjusted their pump prices following its reduction of the ex-refinery cost of Premium Motor Spirit (PMS), lowering the gantry price from N877 to N828 per litre and the coastal price from N854 to N806. This move prompted widespread price adjustments at fuel stations nationwide.

The clarification comes amid public speculation attributing the fuel price drop to government policy changes. Dangote Refinery, however, emphasised that its proactive pricing decision was the key factor driving the market response.

The statement further reiterated the company’s commitment to supplying high-quality, competitively priced fuel, highlighting that domestic refining benefits could lead to additional price adjustments as production scales up.