Dangote clarifies fuel price drop origin, denies Federal tariff reversal link
Dangote
Abdullateef Fowewe
Dangote Petroleum Refinery has firmly rejected claims that the recent decrease in pump fuel prices stems from the Federal Government’s reversal of the 15% import tariff, describing such narratives as “entirely false” and “deliberately misleading.”
In an official statement on Monday, the refinery emphasised that the price adjustment was triggered by its own pricing cuts announced on November 6.
“Dangote Petroleum Refinery reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, well before marketers adjusted their pump prices,” the statement clarified.
The company further highlighted that the import tariff had already been approved by the President on October 21 for immediate implementation, but despite the tariff’s delayed enforcement, it independently lowered fuel prices.
This move was portrayed as part of Dangote’s “longstanding commitment to ensuring Nigerians enjoy the full benefits of domestic refining.”
Addressing concerns over fuel quality and pricing, the refinery underscored that “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.”
It condemned the practice of dumping substandard fuel, linking it to past economic harms including the “collapse of the once-thriving textile industry.”
With investment exceeding $20 billion, Dangote Petroleum Refinery affirmed its dedication to Nigeria’s energy security, stating, “We are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts.”
The company urged media and stakeholders to “report responsibly and rely on verified information in the interest of the Nigerian public,” reinforcing its stance against misinformation surrounding critical market developments.
