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Faults continued importation of substandard fuel
From Adanna Nnamani, Abuja
Dangote Petroleum Refinery has dismissed reports suggesting that the recent reduction in pump prices by oil marketers was triggered by the Federal Government’s reversal of the 15 per cent import tariff on petroleum products.
In a statement issued on Monday, the company described the publications as false, misleading, and inconsistent with actual market dynamics, insisting that the downward review of pump prices was directly influenced by its own price adjustment earlier in the month.
According to the refinery, it reduced its Premium Motor Spirit (PMS) gantry price from N877 to N828 per litre and coastal price from N854 to N806 per litre on November 6, representing a 5.6 per cent decrease.
The company said the announcement, widely reported by major media organisations, clearly predated the adjustments made by marketers. It stressed that despite the tariff not being implemented, it proceeded with the price cut as part of its commitment to ensuring Nigerians benefit from domestic refining.
The refinery noted that it has reduced fuel prices on more than seven occasions since operations began and has also absorbed logistics costs to maintain nationwide price uniformity during festive periods.
It further criticised the continued importation of substandard fuel into the country, describing it as a dumping practice that undermines economic growth and mirrors the decline of Nigeria’s textile industry, once a major source of employment.
“The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of His Excellency, President Bola Tinubu, as far back as October 21 for immediate implementation.
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“Despite the non-implementation of the tariff, we reduced the price of our products. As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our longstanding 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 festive periods, and played a major role in ending the perennial and artificial fuel 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 the premium-grade fuel supplied by Dangote Refinery.
“The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines 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 employer of labour.
“Dangote Petroleum 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 Nigerian consumers receive genuine value for money.
“We are not moved by 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’s energy sector and remain unfazed by temporary policy shifts. Our focus is clear: 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,” the statement read.
