The Management of Dangote Refinery says its attention has been drawn to series of misleading publications claiming that the recent reduction in pump price by oil marketers is a consequence of the Federal Government reversal of the 15% import tarrif.
The Management stated that this narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. For avoidance of doubt the factor that prompted the price adjustment was solely our own reduction of PMS gantry and Coastal prices on November 6. This subsequent change in pump price is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinformed the public.
To reiterate, Dangote Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, which represented a 5.6 per cent decrease and its Coastal price from N854 to N 806 per litre.
The Refinery disclosed that these changes were publicly announced across major media platforms, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleum price.ng New Telegram, Business Hallmark, and several other, and were implemented well before marketers adjusted their pump prices.
The claim that the reduction in pump price, the Management said was driven by the suspension of the 15% per cent import is therefore incorrect. The import tarrif had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR as far back as October 21 for immediate implementation.
Despite the non – implementation of the tarrif, we reduced the price of our products. As a socially rest company, this decision, which was not affected whether the tarrif was implemented or not, aligns with our long – standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining. Since commencing operations, we have reduced prices on more than seven occasions, absorbed logistics, costs to ensure nationwide price uniformity during the festive periods, and played a major role in ending the perennial artificial scarcity typically associated with the ember months.
Contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than premium – grade fuel supplied by Dangote Refinery. The continued importation of substandard fuel constitute dumping, a harmful practice that undermine economic growth and Industrial development.
Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once thriving textile Industry, which was a major employers of labour.
The Management concluded that Dangote Refinery remains fully committed to supplying high – quality Internationally benchmarked petroleum products at competitive prices. Our operations continue to moderate prices in the market, ensuring that Nigerian consumers received genuine value for their money.
“We are not moved bo the short – term tactics of speculative importers who enter and exit the market at will with a long – term investment exceeding $20 billion, we are steadfastly committed to Nigeria energy sector and remain unfazed by temporary policy shifts our focus is clearly to deliver reliable, high – quality and competitively priced fuel to all Nigerians.
Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security. We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public.
