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LAGOS – The Dangote Petroleum Refinery has faulted 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. 

The company said narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. 

The factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6, it said in a recent statement. 

It explained that 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. 

It said 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, and were implemented well before marketers adjusted their pump prices. 

The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect, it said. 

It also said the import tariff had received the approval of President Bola Ahmed Tinubu, as far back as October 21 for immediate implementation. 

It added: “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 long-standing 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.