Dangote Petroleum Refinery has dismissed claims that the recent fall in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff, insisting the adjustment was driven solely by its own downward review of Premium Motor Spirit prices.
The company said it had reduced its gantry and coastal prices on November 6, well before marketers altered pump rates, adding that linking the market changes to the tariff controversy was “misleading” and “inconsistent with the facts.”
In a statement issued by the company on Monday, the refinery clarified that marketers’ decision to lower pump prices followed its downward review of PMS gantry and coastal prices.
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 reduced its PMS gantry price from ₦877 to ₦828 per litre and its coastal price from ₦854 to ₦806 per litre, a 5.6 per cent cut, a development widely reported across major media platforms well before marketers adjusted 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.”
“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.”
The PUNCH
