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

The President of Dangote Group, Aliko Dangote, has said petrol selling at N1,350 per litre in Nigeria remains cheaper than the product in neighbouring countries, a situation he said continues to encourage cross-border smuggling.

Dangote explained that petrol prices in some neighbouring countries are between 30 and 50 per cent higher than in Nigeria, creating an attractive profit margin for traders who move the product across the country’s borders.

He made the disclosure 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,” Dangote said.

Using Niger as an example, the businessman said petrol sold for N1,350 per litre in Nigeria could cost between 20 and 25 per cent more across the border.

“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.

Dangote said the significant price differential provided a strong financial incentive for smugglers to move petrol out of Nigeria and sell it in neighbouring markets.

According to him, as long as petrol remains substantially cheaper in Nigeria than in surrounding countries, cross-border smuggling will continue to present an attractive business opportunity for those involved.

His comments come amid ongoing concerns over petrol pricing, domestic supply and the persistent movement of petroleum products across Nigeria’s borders.

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