President of Dangote Industries Limited, Aliko Dangote, has attributed the high cost of petrol in Nigeria partly to the continued smuggling of the product into neighbouring countries.

Speaking on Arise TV on Tuesday, Dangote said the price difference between Nigeria and neighbouring countries makes cross-border smuggling profitable for traders.

He explained that petrol sells about 30 to 50 per cent higher in some neighbouring countries than in Nigeria, creating an incentive for smugglers to move the product across the borders.

Dangote particularly mentioned Niger, where he said petrol sells for about 20 to 25 per cent more than in Nigeria.

Using a petrol price of N1,350 per litre as an example, he said traders could make a substantial return by buying the product in Nigeria and selling it across the border.

He argued that this price disparity encourages the diversion of petrol meant for Nigerian consumers, particularly in border communities.

Dangote also warned that the ongoing crisis in the Middle East could create challenges for the global petroleum market.

According to him, the major concern going forward may not only be the price of petrol but also the availability of the product.

He, however, assured Nigerians that the Dangote refinery would continue supplying the domestic market despite the international uncertainties.

Dangote said the refinery would maintain its deliveries and ensure that Nigerians do not experience petrol shortages or queues.

His comments came as the Dangote Petroleum Refinery’s N2.15tn initial public offering continued to attract investors on the Nigerian Exchange.

The IPO comprises 4.1 billion shares offered at N525 per share, with a minimum subscription of 10 shares costing N5,250.

The offer is open to retail, institutional and eligible African investors and is scheduled to close on October 13, 2026.