Petrol Price Drop Not Due to 15% Tariff Policy, Explains Dangote Refinery
Dangote Petroleum Refinery has refuted suggestions that the recent reduction in petrol pump prices across the country was prompted by the Federal Government’s suspension of a 15 per cent import tariff on fuel.
The company insists that the market adjustment resulted solely from its independent downward review of Premium Motor Spirit (PMS) prices.
In a statement issued on Monday, the refinery stressed that it had reduced its gantry and coastal prices on November 6, several days before marketers began adjusting pump prices nationwide. It said any attempt to link the price drop to the tariff suspension was “misleading” and “inconsistent with the facts.”
According to the company, its pricing review was the primary factor that enabled marketers to implement lower pump prices, noting that the chronology of events clearly disproves claims suggesting otherwise.
“The reports circulating in sections of the media are not only misleading but deliberately crafted to confuse the public,” the statement read.
“The decision by marketers to lower pump prices was taken after our downward review of PMS gantry and coastal prices, not because of any tariff-related developments.”
Dangote Refinery also cautioned against what it described as ongoing misrepresentations of market dynamics, saying such narratives pose a threat to transparency and stability in the downstream petroleum sector.
The clarification comes amid public debate over the federal government’s recent policy moves in the oil and gas industry, and as downstream operators continue to adjust retail prices in response to supply conditions.
