Dangote Refinery Gives Reason For Falling Fuel Prices

Dangote Petroleum Refinery has explained that the recent reduction in fuel prices is due to adjustments by the refinery, and not to the Federal Government’s delayed implementation of a 15 per cent import tariff.

In a statement on its X handle on Monday, the company said, “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.”

The company explained that it reduced the PMS gantry price from N877 to N828 per litre on November 6, 2025, representing a 5.6% decrease, and lowered its coastal price from N854 to N806 per litre.

Dangote Refinery stressed that the claim linking the price drop to the suspension of the import tariff was incorrect, noting that the tariff had already received approval from President Bola Tinubu on October 21, 2025, for immediate implementation.

“Despite the non-implementation of the tariff, we reduced the price of our products. As a socially responsible company, this decision aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining,” the statement read.

The refinery also highlighted its role in stabilising the market, saying it has cut fuel prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and helped end the artificial fuel scarcity typical of the “ember months.”

Dangote Refinery further criticised the continued importation of substandard petroleum products, often sold at higher pump prices than the premium-grade fuel supplied domestically.

The statement warned that such imports constitute dumping, a practice that undermines economic growth and industrial development, citing the collapse of Nigeria’s once-thriving textile industry as a historic example.

“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,” the statement concluded.