President of Dangote Industries Limited, Aliko Dangote, has attributed part of the high cost of petrol in Nigeria to the continued smuggling of the commodity to neighbouring countries.
Speaking in a television interview, Dangote said petrol sells for between 30 and 50 percent more in neighbouring countries than in Nigeria, creating a strong financial incentive for traders to move the product across the borders.
He explained that the significant price difference has contributed to the diversion of petrol from the Nigerian market, adding that domestic fuel prices cannot be considered in isolation from prevailing prices across the region.
Dangote also assured Nigerians of uninterrupted petrol supply despite rising tensions in the Middle East, urging consumers against panic buying.
He further disclosed that plans are underway to open the Dangote Petroleum Refinery to the general public through an Initial Public Offering, IPO, explaining the reasons behind the proposed move.
