Dangote Refinery Clarifies Why Petrol Prices Dropped, Dismisses Tariff Suspension Claims

Dangote Refinery has moved to clarify the reason behind the recent drop in petrol pump prices across the country, saying the adjustment was driven purely by its internal price review, not by any government intervention.

The clarification follows growing public speculation that the cost reduction resulted from the Federal Government’s suspension of a 15 per cent import tariff on fuel products.

In a statement issued to The Flagship, the refinery said it lowered the ex-depot price of Premium Motor Spirit (PMS) on November 6, triggering the subsequent drop in retail pump prices witnessed nationwide.

According to the company, its PMS gantry price was reduced from N877 to N828 per litre, a 5.6 per cent decrease, while the coastal price fell from N854 to N806 per litre.

“These changes were implemented before marketers made any adjustments at the pump, yet the reductions are now being wrongly linked to the tariff suspension,” the statement said. “The attempt to connect both events is misleading and misinforms the public.”

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Dangote further clarified that President Bola Ahmed Tinubu had already approved the 15 per cent import tariff suspension on October 21, making it unrelated to the refinery’s pricing decision.

The company emphasised that its price cut was a business move communicated across major media outlets and not influenced by any government directive.

Fuel marketers had begun adjusting prices shortly after the review, leading to nationwide speculation about the cause of the sudden dip.