Dangote Petroleum Refinery clarifies that the recent reduction in PMS pump prices by oil marketers was a direct response to our price cut on November 6.
“It was not caused by the temporary reversal of the 15% import tariff.
“We reduced our PMS gantry price from N877 to N828 and coastal price from N854 to N806, and marketers adjusted afterwards.
“We remain committed to delivering high-quality, competitively priced fuel and ensuring Nigerians enjoy the full benefits of domestic refining”.
This explanation counters speculation that the price reduction stemmed from the temporary reversal of the 15% import tariff on petroleum products.
On November 6, the refinery lowered its PMS gantry price from N877 to N828 per liter, while the coastal price was reduced from N854 to N806 per liter.
The significant price adjustment set a new benchmark in the domestic fuel market, prompting downstream marketers to follow suit and reduce pump prices.
The refinery emphasized that the import tariff, temporarily reversed, was not the cause behind the marketers’ decision to cut prices.
Instead, it was a market response aiming to maintain competitiveness following Dangote Refinery’s price strategy.
The move by the refinery underscores its commitment to providing high-quality fuel at competitive prices, enhancing the accessibility and affordability of refined products for Nigerian consumers.
It also reinforces the role of domestic refining as a key driver of price stability in the fuel sector.
Dangote Petroleum Refinery’s pricing strategy demonstrates confidence in its operational efficiency and capacity to influence the domestic petroleum price structure, offering an alternative to reliance on imported fuel.
By directly adjusting prices at the refinery level, the company aims to ensure that Nigerians benefit fully from the advantages of locally refined fuel, including better supply reliability and reduced exposure to fluctuating global market prices.
The development marks an important milestone in Nigeria’s ongoing efforts to strengthen its petroleum industry through domestic refining and reduce dependency on imports, thereby promoting economic self-sufficiency and consumer protection.
