Aliko Dangote, President of Dangote Industries Limited, has attributed the high cost of petrol in Nigeria partly to the smuggling of the commodity to neighbouring countries where it sells for 30 to 50 per cent more. In an interview aired on Arise TV on Tuesday, he said the price gap creates a strong financial incentive for traders to move petrol out of Nigeria. Dangote argued that the price of petrol in Nigeria cannot be considered in isolation from prices in neighbouring countries, adding that perceptions of expense are relative. His comments came during a discussion on petrol prices and product availability amid the ongoing crisis in the Middle East.
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