Why petrol remains expensive in Nigeria — Dangote
Aliko Dangote attributes the high price of petrol in Nigeria to smuggling, stating that prices in neighbouring countries are 30 to 50 per cent higher. Read More: https://punchng.com/why-petrol-remains-expensive-in-nigeria-dangote/
Dangote Industries President Aliko Dangote has attributed Nigeria's high petrol prices to the smuggling of the commodity to neighboring countries where it is sold at significantly higher prices. He noted that neighbouring countries have petrol prices between 30 to 50 per cent higher than Nigeria, which creates a financial incentive for traders to move petrol out of the country.
Dangote explained that petrol prices in Nigeria cannot be considered in isolation from neighbouring countries, emphasizing that prices are relative. He pointed out that Niger, a neighbouring country, has petrol prices that are between 20 to 25 per cent higher than Nigeria, which makes the border trade financially attractive. Dangote warned that the ongoing crisis in the Middle East could further complicate the Nigerian downstream market, shifting the concern from price to availability.
He assured that the Dangote refinery will continue to meet domestic demand, ensuring no shortage, queues, or disruptions to the market.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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