Petrol at N1,350 still cheaper in Nigeria than neighbouring countries — Dangote
Aliko Dangote, President of the Dangote Group, has stated that even with the recent price adjustment to N1,350 per litre, petrol in Nigeria remains significantly cheaper than in neighbouring West African nations.
During an interview on Arise TV, Dangote explained that the price difference continues to drive cross-border fuel smuggling.
He said petrol in neighbouring countries is about 30 and 50 per cent more expensive than in Nigeria, creating a strong incentive for traders to move the product across the borders for higher returns.
“Expensive is relative. What they need to ask is, what’s the price in the neighbouring countries?
“There is still a lot of smuggling of the same petrol we are producing to our neighbouring countries because those neighbouring countries are about 30 to 50 per cent more expensive than Nigeria,” he said.
Using Niger as an example, Dangote said petrol selling for N1,350 in Nigeria costs between 20 and 25 per cent more in the neighbouring country.
“Even now at ₦1,350, the price in Niger is 20 to 25 per cent more than Nigeria. So what business are you going to do that will make you have an instant 25 per cent return?” he asked.
He said the price difference makes it financially attractive for smugglers to move petrol across Nigeria’s borders and sell it in neighbouring markets.
