Nigeria’s petrol cheaper than neighbours’ — Dangote

Billionaire Aliko Dangote has defended Nigeria’s current petrol prices, arguing that fuel is relatively cheaper in the country than in neighbouring states — a price gap he says is actively fuelling cross-border smuggling of petroleum products.

According to The Cable, speaking on Arise TV on Tuesday, Dangote said Nigerians should compare domestic fuel prices with regional neighbours before concluding that petrol is expensive.

“I don’t know if you know that there’s still a lot of smuggling of the same petrol we are producing to our neighbouring countries because those neighbouring countries are about 30 percent to 50 percent more expensive than Nigeria,” he said.

He noted that petrol prices in Niger Republic were 20 to 25 per cent higher than Nigeria’s current price of approximately N1,350 per litre, asking: “What business are you going to do that will make you a 25 percent return?”