Dangote Refinery Says Price Cut Prompted Reduction in Pump Prices
Dangote Petroleum Refinery has clarified that the recent reduction in pump prices by oil marketers was driven primarily by its own cut in PMS gantry and coastal prices—not by a reversal of the Federal Government’s 15% import tariff. In a statement, the refinery described reports linking the price adjustment to government policy as “false, misleading, and inconsistent with market dynamics.” On November 6, Dangote cut its PMS gantry price from ₦877 to ₦828 per litre (down 5.6%) and its coastal price from ₦854 to ₦806 per litre. These changes, implemented ahead of wider market adjustments, were publicly announced across leading media outlets. Dangote emphasized its role in ending seasonal fuel scarcity, citing repeated price reductions, absorption of logistics costs, and a long-standing commitment to nationwide price uniformity. The refinery also condemned the practice of importing substandard fuel, which it said […]