Dangote Petroleum Refinery has refuted reports suggesting that the recent reduction in pump prices by petroleum marketers was triggered by the Federal Government’s reversal of the 15 per cent import tariff on petroleum products.

In a statement on Monday, the company described the publications as “misleading, false, and inconsistent with market realities.” According to the refinery, the downward adjustment in pump prices was a direct response to the company’s own reduction of Premium Motor Spirit (PMS) gantry and coastal prices on November 6.

Dangote Refinery emphasized that it had slashed its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, while the coastal price was reduced from N854 to N806 per litre. These new prices were widely published across national media platforms including The Punch, Vanguard, The Cable, Daily Trust, The Sun, New Telegraph, The Street Journal, Petroleumprice.ng, and Business Hallmark.

The company clarified that these adjustments were made before oil marketers reviewed their pump prices, and insisted that attributing the changes to the purported suspension of the import tariff was an attempt to distort facts and mislead the public.

Dangote further explained that the 15 per cent import tariff in question had already been approved by President Bola Ahmed Tinubu since October 21 for immediate implementation. Despite the tariff not being enforced, the refinery reduced its product prices as part of what it described as its commitment to ensuring Nigerians benefit fully from domestic refining.

Since the start of its operations, the refinery noted that it has reduced PMS prices more than seven times, absorbed logistics costs during festive seasons to ensure nationwide uniform pricing, and helped eliminate the recurring artificial fuel scarcity associated with the year-end period.

The company also raised concerns about the continuous importation of what it termed “substandard and lower-grade fuel” into the country. Such products, it said, are not only inferior but are often sold at higher pump prices than the premium-grade fuel produced locally. Dangote warned that the dumping of low-quality imports threatens local industries, drawing parallels with the collapse of Nigeria’s once-vibrant textile sector.

Reaffirming its commitment to Nigeria’s energy security, Dangote Petroleum Refinery stated that its investment of over $20 billion underscores its long-term dedication to stable, transparent, and fair fuel pricing.

“We remain unmoved by the short-term tactics of speculative importers,” the statement read. “Our focus is to deliver reliable, high-quality and competitively priced fuel to Nigerians.”

The refinery urged media houses and stakeholders to ensure accurate and responsible reporting in the interest of the Nigerian public.