Nigeria: Dangote Refinery Refutes Claims Linking Marketers’ Pump Price Cuts To Import Duty Suspension

Africa’s largest petroleum refinery, Dangote Petroleum Refinery, has dismissed reports suggesting that recent reductions in pump prices by oil marketers were driven by the Federal Government’s suspension of a 15 per cent import duty on petroleum products.

The company described the claim as misleading and inconsistent with market realities.

In a strongly worded statement issued on Monday, November 17, 2025, the refinery clarified that the adjustment in pump prices stemmed solely from its own decision to reduce ex-depot prices of Premium Motor Spirit (PMS) on November 6 — not from any government policy reversal.

According to the company, it slashed its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent reduction, and lowered its coastal price from N854 to N806 per litre.

These price cuts, it said, were publicly announced and widely reported across national media outlets well before oil marketers adjusted their pump prices.

Dangote Refinery stressed that the import tariff in question had received presidential approval from President Bola Ahmed Tinubu on October 21 for immediate implementation, but remained unimplemented at the time pump prices dropped.

Despite this, the company proceeded with its price reduction as part of its commitment to ensuring Nigerians benefit fully from domestic refining.

The refinery noted that since commencing operations, it has reduced prices more than seven times, absorbed logistics costs during festive seasons to maintain nationwide price uniformity, and helped end the recurring artificial fuel scarcity associated with the ember months.

It also countered claims that imported products are cheaper, insisting that most imported petrol — often falling below approved standards — has consistently been sold at higher pump prices than its premium-grade fuel. The company warned that allowing substandard imports encourages dumping, a practice that has historically crippled local industries, including Nigeria’s once-booming textile sector.

Dangote Petroleum Refinery reaffirmed its long-term commitment to Nigeria’s energy market, citing its more than $20 billion investment and its role in stabilising supply and moderating prices. The company stressed that it will not be deterred by the “short-term tactics” of speculative importers who enter and exit the market at will.

“Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security,” the statement read, urging stakeholders and media outlets to rely on verified information in the interest of the public.