Smuggling still pushing petrol price upward in Nigeria –Dangote
President of Dangote Industries Limited, Aliko Dangote, has explained that smuggling of petrol from Nigeria to neighbouring countries is part of the reason the price of the product keeps going up in Nigeria. According to him, smugglers take the product outside the country because it sells for a higher price in neighbouring countries. Dangote stated […] The post Smuggling still pushing petrol…
Dangote Industries Limited President Aliko Dangote has revealed that the smuggling of petrol from Nigeria to neighboring countries contributes to the rising prices of the product in Nigeria. Speaking to Arise TV, Dangote stated that smugglers take advantage of the higher prices in neighboring countries, which are between 30 and 50 percent more expensive than in Nigeria, to move the product out of the country.
This price difference creates a strong financial incentive for traders to export petrol. Dangote emphasized that Nigerians should consider the prices of petrol in neighboring countries, as "expensive is relative." He stated that the ongoing crisis in the Middle East poses a different challenge to the Nigerian downstream market, shifting the focus from price to availability of the product.
However, Dangote assured that the Dangote refinery will continue meeting domestic demand and not worry about any shortage or queues.
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