WHY PETROL PUMP PRICES DROPPED NATIONWIDE — DANGOTE REFINERY. (PHOTO).

 Why petrol pump prices dropped nationwide — Dangote Refinery

Dangote Refinery has explained the reasons for the reduced pump prices of Premium Motor Spirit at filling stations nationwide. The clarification comes amid speculations of government policy-induced reduction. The Dangote Refinery, in a statement made available to Channels Television, revealed that the cut in pump price was a result of a 5.6 per cent reduction in the price of PMS from its refinery, and does not have any link with the suspension of 15 per cent import tariffs by the Federal Government.

It stated: “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. “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. 

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. The import tariff had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, as far back as October 21 for immediate implementation.

“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,” the statement read in part.