Dangote Petroleum Refinery has refuted reports that the recent drop in petrol pump prices was caused by the Federal Government’s suspension of a 15% import tariff, stressing that the price adjustment came solely from its own downward review of Premium Motor Spirit.

The company said it lowered its gantry and coastal prices on November 6—days before marketers reduced pump prices—and described attempts to link the market changes to the tariff suspension as “misleading” and “not supported by the facts.”

In a statement issued on Monday, the company explained that marketers reduced pump prices only after it lowered its PMS gantry and coastal prices.

It dismissed the circulating claims as “misleading” and “deliberately crafted to confuse the public,” cautioning that ongoing attempts to distort market realities were detrimental to the downstream sector.

The statement read, “The attention of Dangote Petroleum Refinery has been drawn to a series of misleading publications claiming that the recent reduction in pump prices by oil marketers is a consequence of the Federal Government’s reversal of the 15 per cent import tariff.

“This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. For the avoidance of doubt, 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.”

According to the company, it had lowered its PMS gantry price from N877 to N828 per litre and its coastal price from N854 to N806 per litre—a 5.6 per cent reduction. It added that this adjustment was widely reported by major media outlets well before marketers changed their pump prices.

“Any suggestion that pump prices fell because the 15 per cent import tariff was reversed is entirely false,” the statement read.

“President Bola Tinubu had approved the tariff for implementation since October 21. Despite its non-implementation, we proceeded to lower our PMS prices purely as part of our commitment to easing the burden on Nigerian consumers.

I“To reiterate, Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.

“These changes were publicly announced across major media platforms, including, but not limited to, The PUNCH, Vanguard, The Cable, Daily Trust, The Sun, The Wall Street Journal, and Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.”

The Federal Government had earlier approved a 15 per cent import duty on petrol, a decision that drew strong objections from independent marketers who warned it would push pump prices higher.

Although the tariff was suspended last week, prompting some commentators to link the subsequent price drop at filling stations to the policy reversal, Dangote Refinery said this narrative was false and a ploy by “speculative importers” to distort market dynamics.

The $20bn refinery added that since commencing operations, it has reduced fuel prices more than seven times, often absorbing logistics costs to maintain uniform prices nationwide during festive periods.