President of Dangote Industries Limited, Aliko Dangote, has attributed the high price of petrol in Nigeria partly to the continued smuggling of the commodity to neighbouring countries where it sells for significantly more. Dangote said petrol prices in neighbouring countries were between 30 and 50 per cent higher than in Nigeria, arguing that the price difference creates a strong financial incentive for traders to move petrol out of the country.
He stated this in an interview aired on Arise TV on Tuesday while speaking about petrol prices and availability amid the ongoing crisis in the Middle East. 'You know, expensive is relative... What they need to do is ask, what is the neighbour's price?' He specifically cited Niger, where petrol sells at a 20-25% premium: 'So, what business are you going to do that will make you have an instant 25 per cent return?'
He explained petrol meant for Sokoto could be diverted to Ilela and sold across the border. On the Middle East crisis: 'going forward, I must also warn that this crisis in the Middle East is not even about price; it's about availability... We will deliver to Nigeria. Nigerians don't need to worry. There will not be any shortage from our own part. There won't be any queues.' The remarks came as the N2.15tn Dangote Petroleum Refinery IPO opened on the NGX - 4.1 billion ordinary shares at N525 per share, minimum subscription 10 shares (N5,250), open to retail, institutional and eligible African investors, closing October 13, 2026. Source: punchng.com/why-petrol-remains-expensive-in-nigeria-dangote
