Petrol at N1,350 cheaper in Nigeria than neighbouring countries — Dangote

President of Dangote Group, Aliko Dangote, has said petrol selling at N1,350 in Nigeria is still cheaper than the product in neighbouring countries, a price difference he said is encouraging cross-border smuggling.

Dangote said petrol in neighbouring countries is between 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.

He made this known during an interview aired on Arise TV on Tuesday.

“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.