Dangote Refinery has rubbished reports saying that the recent fall in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff. The company recently insisted that the adjustment was driven solely by its downward review of Premium Motor Spirit prices.
In a press statement issued by Dangote Refinery, the company clarified that the marketers decided to lower pump prices after its own downward review of PMS gantry and coastal prices.
According to DPR, it decreased its gantry and coastal prices on the 6th of November, days before marketers altered pump rates; therefore, linking the market changes to the tariff controversy is false and misleading.
The refinery stated that the circulating reports are a deliberate attempt to confuse the public, and misrepresenting market realities will do the downstream sector no good.
“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. For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6. The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public,” it read.
Noting that it had dropped its PMS gantry price from N877 to N828 per litre and its coastal price from N854 to N806 per litre, a 5.6 per cent cut, the company noted that the decrease was widely reported across major media platforms before marketers adjusted their pump prices as well.
Dangote Refinery concluded by saying that its entry into the Nigerian market has helped put a stop to the regular “ember month” scarcity, a recurring issue that often leads to distribution constraints, import delays and hoarding.
“Any suggestion that pump prices fell because the 15 per cent import tariff was reversed is entirely false.
President Bola Tinubu had approved the tariff for implementation since October 21. Despite its non-implementation, we proceeded to lower our PMS prices purely as part of our commitment to easing the burden on Nigerian consumers.
To reiterate, Dangote Petroleum Refinery, on November 6, 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 changes were publicly announced across major media platforms, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Wall Street Journal, and Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.
Contrary to insinuations, imported products, many of which do not meet acceptable standards, are being sold at higher pump prices than our internationally-benchmarked products.
We will continue to operate with integrity, transparency, and an unwavering focus on energy security. Our goal remains to supply Nigerians with high-quality, competitively priced petroleum products,” it added.
