President of Dangote Industries Limited, Aliko Dangote, has attributed the high price of petrol in Nigeria partly to the continued smuggling of the product to neighbouring countries where it sells for more.
Speaking on Arise TV, Dangote said petrol prices in some neighbouring countries are between 30 and 50 per cent higher than in Nigeria, creating an incentive for traders to move the product across the borders for higher returns.
He specifically cited Niger, where he said petrol sells for about 20 to 25 per cent more than in Nigeria.
Dangote explained that petrol bought in Nigeria could be diverted to border communities such as Ilela and sold to buyers from neighbouring countries, reducing the volume available to Nigerian consumers.
He also warned that the ongoing Middle East crisis could create challenges for the downstream sector, saying the major concern could shift from petrol prices to product availability.
However, Dangote assured Nigerians that the Dangote Refinery would continue supplying the domestic market and that there would be no shortage or queues from its operations.
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