Real reason petrol remains expensive in Nigeria — Dangote

Aliko Dangote, President of Dangote Industries Limited, has blamed the continued smuggling of petrol to neighbouring countries for part of the high fuel prices in Nigeria.

Speaking on Arise TV, as reported by The Punch, Dangote said petrol sells 30 to 50 per cent higher in some neighbouring countries, creating an incentive for traders to divert supplies across the borders. He cited Niger, where prices are reportedly 20 to 25 per cent higher than Nigeria’s.

Dangote said smugglers could buy petrol locally and sell it across the border for quick returns. He also warned that the Middle East crisis could affect petrol availability, saying supply may become a bigger concern than price.