In a significant development for Nigeria's energy sector, Dangote Petroleum Refinery has publicly claimed responsibility for the recent reduction in petrol pump prices across the country. The refinery has firmly denied assertions that the price drop resulted from the federal government's reversal of a controversial 15% import tariff on refined petroleum products.
Refinery's Independent Price Reduction Decision
According to an official statement released on Monday, the refinery described media reports linking the price reduction to government policy as misleading and inaccurate. The company emphasized that its decision to lower gantry prices was implemented independently and preceded the government's tariff announcement.
The refinery specifically reduced its PMS gantry price from N877 to N828 per litre, while simultaneously adjusting its coastal price from N854 to N806 per litre. This strategic move, according to the company, demonstrates its commitment to providing affordable fuel to Nigerian consumers without external pressure.
Consistent Price Reduction Pattern
Dangote Refinery revealed that this represents the latest in a series of price reductions implemented since commencing operations. The company stated it has lowered prices on more than seven separate occasions, showing a consistent pattern of making petroleum products more accessible to the Nigerian market.
Furthermore, the refinery highlighted its practice of absorbing logistics costs to ensure nationwide price uniformity, particularly during festive seasons. This approach, the company argued, has played a crucial role in stabilizing fuel supply and ending the perennial fuel shortages that typically characterize the ember months.
Stand Against Substandard Fuel Imports
The refinery reiterated its strong disapproval of continued importation of refined petroleum products, which it characterized as substandard products sold at premium prices. The company warned that the dumping of such inferior fuel in Nigeria poses a significant threat to local industry development and overall economic growth.
Drawing parallels with historical industrial decline, the refinery noted that unchecked importation previously destroyed Nigeria's thriving textile industry, which was once a major employer of labor in the country. The statement emphasized that with investments exceeding $20 billion, Dangote Refinery maintains a long-term commitment to Nigeria's energy security and is not threatened by speculative importers who frequently exit the market.
The refinery's position comes amid ongoing discussions about local content development and the federal government's recent reversal of the 15% import tariff on refined petroleum products. Local refiners have been advocating for regulated crude oil pricing to enhance their competitiveness against importers in the downstream petroleum sector.
