Dangote Blames Cross-Border Smuggling for High Petrol Prices, Assures Nigerians of Supply

Aliko Dangote says petrol remains costly in Nigeria partly because smugglers can make large profits by moving it to neighbouring countries, where prices are reportedly 30 to 50 per cent higher. He said the price gap encourages diversion of petrol meant for Nigerian consumers, citing Niger as an example where fuel could sell for about 20 to 25 per cent more. According to him, this makes cross-border smuggling financially attractive. Dangote also warned that the Middle East crisis could affect the availability of petroleum products, not only their prices. He said his refinery is prepared to meet local demand and pledged that Nigerians would not face fuel shortages or queues from its supply side. The comments came as Dangote Petroleum Refinery and Petrochemicals opened its ₦2.15 trillion initial public offering on the Nigerian Exchange, offering 4.1 billion shares at ₦525 each.

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