Dangote Petroleum Refinery has denied claims that its petroleum products are exported to Togo and later re-imported into Nigeria.
The company described the allegations as baseless and commercially illogical saying the claims contradict its business interests and contractual agreements.
The refinery issued the response on Tuesday amid growing public debate over fuel prices.
In a statement titled “Response to Unsubstantiated Claims and Tissue of Lies,” the refinery said available trade data does not support the allegations.
The company argued that exporting products to Lomé and bringing them back into Nigeria makes little business sense.
According to the refinery, such a practice would create unnecessary costs and reduce profits. Dangote said its contracts prohibit buyers from reselling or re-importing products into Nigeria.
The company added that facilitating competing imports would undermine its market position. The statement comes as Nigerians question high petrol prices despite falling crude oil prices.
Fuel prices rose sharply during the recent conflict involving the United States, Israel, and Iran raising fears about disruptions to global oil supplies. As a result, international crude prices surged and Dangote Refinery increased its ex-depot prices several times during that period.
Petrol prices climbed from about ₦870 per litre to nearly ₦1,500 per litre in some locations.
Many filling stations now sell petrol for around ₦1,340 per litre.
Global oil prices have declined since a ceasefire eased tensions in the Middle East and Brent crude had previously traded above $100 per barrel during the conflict.
In recent trading sessions, Brent crude hovered around $75 per barrel which has prompted consumers to expect lower fuel prices.
Many Nigerians have taken to social media to demand price reductions.
Dangote Refinery said the economics of fuel trading do not support the allegations.
According to the company, transporting products to Lomé and back would cost between $82 and $90 per metric tonne.
Those costs would increase expenses and reduce profit margins.
The refinery said it does not offer export discounts large enough to offset shipping and handling charges.
It also cited storage, financing, and insurance costs.
The company said no rational producer would incur those expenses only to compete against itself.
