Dangote clarifies: our 5.6% PMS value reduce drives decrease pump costs, not the suspension of 15% import tariffs on PMS and diesel

The eye of Dangote Petroleum Refinery has been drawn to a collection of deceptive publications claiming that the latest discount in pump costs by oil entrepreneurs is a consequence of the Federal Authorities’s reversal of the 15 per cent import tariff.

This narrative is solely false, intentionally deceptive, and inconsistent with precise market dynamics. For the avoidance of doubt, the issue that prompted the worth adjustment was our personal discount of PMS gantry and coastal costs on November 6. The following change in pump costs is now being wrongly attributed to a tariff determination in an try to distort the details and misinform the general public.

To reiterate, Dangote Petroleum Refinery, on November 6, lowered its PMS gantry value from N877 to N828 per litre, representing a 5.6 per cent lower, and its coastal value from N854 to N806 per litre. These modifications have been publicly introduced throughout main media platforms, together with, however not restricted to, The Punch, Vanguard, The Cable, Every day Belief, The Solar, The Avenue Journal, Petroleumprice.ng, New Telegraph, Enterprise Hallmark, and several other others, and have been applied nicely earlier than entrepreneurs adjusted their pump costs.

The declare that the discount in pump costs was pushed by the suspension of the 15 per cent import tariff is subsequently incorrect. The import tariff had acquired the approval of His Excellency, President Bola Ahmed Tinubu, GCFR way back to October 21 for rapid implementation.

Regardless of the non-implementation of the tariff, we lowered the worth of our merchandise. As a socially accountable firm, this determination, which was not affected by whether or not the tariff was applied or not, aligns with our long-standing dedication to making sure Nigerians benefit from the full advantages of home refining. Since commencing operations, we have now lowered costs on greater than seven events, absorbed logistics prices to make sure nationwide value uniformity throughout festive durations, and performed a serious position in ending the perennial and synthetic gas shortage sometimes related to the ember months.

Opposite to repeated claims by sure pursuits, imported merchandise which are sometimes beneath acceptable requirements have constantly been bought at increased pump costs than the premium-grade gas equipped by Dangote Refinery. The continued importation of substandard gas constitutes dumping, a dangerous follow that undermines financial progress and industrial growth. Nigeria has witnessed the devastating penalties of such unchecked dumping earlier than, together with the collapse of the once-thriving textile business, which was a serious employer of labour.

Dangote Petroleum Refinery stays absolutely dedicated to supplying high-quality, internationally benchmarked petroleum merchandise at aggressive costs. Our operations proceed to average costs out there, making certain Nigerian shoppers obtain real worth for cash.

We’re not moved by the short-term ways of speculative importers who enter and exit the market at will. With a long-term funding exceeding $20 billion, we’re steadfastly dedicated to Nigeria’s vitality sector and stay unfazed by short-term coverage shifts. Our focus is obvious: to ship dependable, high-quality, and competitively priced gas to all Nigerians.

Dangote Petroleum Refinery will proceed to function with integrity, transparency, and an unwavering dedication to Nigeria’s vitality safety. We encourage all stakeholders and media organisations to report responsibly and depend on verified data within the curiosity of the Nigerian public.