Why fuel pump price dropped, says Dangote Refinery
The Dangote Refinery has revealed reasons for reduction in pump prices at filling stations nationwide, amid speculations of government policy induced reduction.
In a statement made available by Dangote Refinery, the cut in pump price was as result of 5.6% reduction in price of Premium Motor Spirit (PMS) from the refinery, which does not have any link with the suspension of 15% import tariffs by the Federal Government.
It stated: “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 restate, 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”.
According to Dangote, these changes were publicly announced across major media platforms, and were implemented 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,” it stated.
