Dangote Petroleum Refinery has said that its gantry price reduction actually prompted petrol price downward adjustments by marketers.

The management rejected what it described as 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.’ it said in a statement.

According to the statement, 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.

It will be recalled that 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, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, 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, it said.

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

The refinery management noted that contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery.

The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development.

Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour, it noted.

 Dangote Petroleum Refinery further reiterated its commitment to supplying high-quality, internationally benchmarked petroleum products at competitive prices, adding. “Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.”

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is fast-tracking its transformation through strategic investments in infrastructure, governance reforms, and operational efficiency, positioning the company for a landmark Initial Public Offering (IPO).

Under its “Fit for the Future” strategy, NNPC Ltd.

aims for global competitiveness, public listing, and a pivotal role in connecting Africa to international markets through extensive gas infrastructure development initiatives.

Group Chief Executive Officer, Bashir Ojulari, disclosed this during a dialogue at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), emphasising the company’s commitment to transparency, efficiency, and investor readiness.

Ojulari said NNPC Ltd. was steadily preparing for its IPO under the Petroleum Industry Act (PIA 2021) by improving governance, operational transparency, and accountability to meet international investment standards and expectations.

“Our IPO journey is mandated by law. We are publishing monthly performance reports and embedding global best practices to make NNPC a high-performing, investor-ready company with enhanced transparency.

“The ‘Fit for the Future’ project focuses on market leadership, building the necessary structures for IPO readiness, increasing investor attractiveness, and strengthening the company’s long-term competitiveness and operational capacity,” Ojulari said.

The CEO highlighted the transformation programme’s five core workstreams: production growth, gas monetisation, downstream optimisation, market leadership, and talent development, forming the backbone of NNPC’s strategy to become globally competitive.

Ojulari said the initiative was also reshaping NNPC’s workforce through innovation, digitalisation, and international exposure, enhancing staff capabilities via the “Talent Valley” programme and secondments with global partners.

He stated, “The new board and management were given a clear mission by the President: achieve two million barrels per day by 2027 and three million barrels per day by 2030.”

On gas development, Ojulari noted targets of 10 billion cubic feet per day by 2027 and 12 billion cubic feet by 2030, achievable through partnerships, operational efficiency, and access to broader investment capital.

He added that production recovery had been boosted by collaboration with international and indigenous operators, along with fiscal incentives under the PIA 2021, contributing to growth in oil output and investment confidence.

“Nigeria’s oil output has increased from 1.5 million to about 1.7 million barrels per day. We recently signed our first deepwater Production Sharing Contract in 15 years,” he revealed.

On gas, Ojulari said Nigeria’s reserves, exceeding 600 trillion cubic feet equivalent, positioned the country for full industrialisation and regional economic leadership, underscoring NNPC’s strategic focus on natural gas development.

He said NNPC was leading the Nigeria–Morocco Gas Pipeline Project, connecting West African economies and Europe, allowing countries along the corridor to both consume and supply gas, boosting trade and energy integration.

“The pipeline aligns with our vision to make Africa a major global gas player while promoting economic integration, industrialisation, and sustainable development across participating nations,” Ojulari said.

He added that NNPC was finalising partnerships with global operators to upgrade refineries to international standards, seeking partners with proven expertise and shared investment responsibility to enhance operational efficiency.

Ojulari reaffirmed NNPC’s commitment to advancing energy access and industrial growth across Africa, emphasising that its transformation journey was simultaneously commercial and developmental, with benefits for investors, governments, and communities alike.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to deepening investment in Nigeria’s oil and gas sector, with strong emphasis on energy mix that guarantees energy security for the country.

Lokpobiri, said the world is rethinking its approach to energy transition and returning focus to hydrocarbon development as a means of ensuring global energy security.

Speaking at the opening ceremony of the ongoing OTL Africa Downstream Energy Week in Lagos, the Minister said recent reports by the United Nations underscore the urgent need for renewed global investment in the oil and gas industry to meet growing population and energy demands.

According to him, the UN projects that the world needs to invest about $540 billion annually in oil and gas recovery and associated infrastructure to guarantee stable energy supply.

He noted that while discussions around climate change and net-zero commitments remain important, the realities of global energy consumption and population growth have made it clear that hydrocarbons will continue to play a central role in the foreseeable future.

The minister observed that Nigeria’s downstream sector is gradually stabilising following the removal of fuel subsidy and the liberalisation of petroleum product pricing, describing the development as a bold and necessary step to attract private sector investment.

Lokpobiri commended President Bola Ahmed Tinubu for taking decisive policy actions that have repositioned the downstream sector for long-term growth.

He added that ongoing reforms in the oil and gas industry are geared toward ensuring energy security, encouraging domestic refining, and fostering private sector participation across the value chain.

The minister also called on stakeholders in the downstream sector to align with the government’s policy direction and contribute to building a more sustainable and diversified energy future.

The OTL Africa Downstream Energy Week, now in its 19th edition, serves as a premier platform for policy dialogue, industry networking, and investment promotion across Africa’s downstream petroleum value chain.