The Dangote Petroleum Refinery has stated that the recent reduction in the pump price of Premium Motor Spirit (PMS) by oil marketers was a direct result of its own price adjustment earlier this month, and not due to the government’s temporary suspension of a 15% import tariff.
In a clarification issued on Monday, the refinery sought to correct public commentary on the cause of the price reduction, asserting its pivotal role in the market shift.
“The recent reduction in PMS pump prices by oil marketers was a direct response to our price cut on November 6, It was not caused by the temporary reversal of the 15% import tariff”, the company stated.
The refinery detailed its specific price adjustments, noting it had reduced its gantry price—the price at which trucks are loaded at the refinery—from N877 per litre to N828 per litre. Simultaneously, its coastal price, which applies to supplies moved by vessel, was lowered from N854 to N806 per litre.
Following these reductions, independent marketers subsequently adjusted their retail prices downwards across the country.
The statement concluded by reinforcing the company’s commitment to the Nigerian market, saying, “We remain committed to delivering high-quality, competitively priced fuel and ensuring Nigerians enjoy the full benefits of domestic refining.”
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