The Dangote Petroleum Refinery clears up confusion on these issues. The company says that it is not true that the federal government’s waiver on the 15% import tariff influenced any decrease in the price of fuel. The company says that this change is exclusively within its purview.
Dangote’s Official Statement
The refinery issues a strong denial against misleading reports. Executives explain that they reduced prices on November 6, before the tariff suspension gained attention. This move aimed to ease consumer burdens and stabilize the market. Therefore any link between the policy shift and price drops lacks foundation.
Dangote cites specific cuts. They reduced the gantry price from N877 to N828 per liter and the coastal price from N854 to N806 per liter. The marketers subsequently adjusted the fuel prices at their pumps. This led to Nigerians feeling relieved at fuel stations.
Justification for Price Adjustment
The refinery is taking proactive measures to boost the economy. Since inception, Dangote has reduced fuel prices on more than seven occasions. Further to counter increased logistics costs during peak seasons, Dangote bears these expenses. This helps to ensure equal prices and avoids any shortfall.
The imported fuel critics disseminated misinformation, according to Dangote. However there is a warning to substandard imported fuels that negatively affect Nigerian industry. For example, dumped imports affected Nigeria’s textile industry.
Market Implications & Future Projections
Experts are worried about the suspension of tariffs. The Centre for Promotion of Private Enterprise is concerned about energy security and job losses. As a result, Nigerian refiners such as Dangote may experience setbacks.
Despite these challenges, Dangote is committed. The company is offering quality goods at favorable prices. This is responsible for a positive supply chain to Nigerians.
Conclusion
In conclusion, Dangote is a change-maker. The Dangote refinery is urging stakeholders to verify information rather than spreading rumors. As such attention is given to positive growth within the Nigerian refining industry.
