Dangote Says Petrol Prices Could Rise Further, Gives Reasons
- Aliko Dangote has raised concerns about the rise in petrol prices in recent weeks
- He warned that it could rise further if global energy market volatility and geopolitical tensions persist
- Dangote noted that rising fuel costs could worsen hardship for households and businesses
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Aliko Dangote has warned that petrol prices could rise further if global energy market volatility persists, citing geopolitical tensions, supply disruptions, and rising production costs.
Dangote made the comments on Monday, March 23, after a meeting with President Bola Tinubu in Abuja.
Source: Getty Images
According to him, his visit was primarily to exchange greetings and pay respect.
He said:
“Well, I just came to see His Excellency, Mr President, to wish him Eid Mubarak and also pay my respect. I haven’t seen him for a while."
Dangote warns of petrol price hike
Speaking to journalists after the meeting, Dangote cautioned that external shocks in the energy market remain a major risk for Nigeria and other import-dependent economies, and this could affect petrol prices.
He warned that the US, Israel, and Iran's war energy costs influence nearly every sector of the economy.
Dangote said:
“If this situation does not deescalate, prices will keep going up and up, and people will end up paying heavily. Energy affects almost everything, and once costs rise, it creates hardship for governments, businesses, and ordinary people who are already struggling.”
He also warned that rising fuel costs could deepen economic hardship, especially for households and informal workers.
“If people don’t work that day, they won’t eat."
Dangote urged global cooperation to stabilise energy markets, stressing that prolonged instability could intensify inflationary pressures and widen economic strain across Africa.
Source: Getty Images
Dangote speaks on UK, Nigeria deal
Dangote added that the discussion also touched on investment flows and recent international engagements by Nigeria’s leadership, which he said were improving investor confidence, ChannelsTV reports.
Dangote said:
“The world saw how he was received in the UK, part of what he said he had to do was open the ways for business investors across borders."
The billionaire also noted that a reported £746 million infrastructure financing deal signalled growing confidence in Nigeria’s economy, particularly in ports and infrastructure development.
He said:
“It’s not about the money, it’s about the confidence in Nigeria."
Dangote added that such agreements could encourage other countries to follow suit.
Dangote raises gantry price
Recently, Dangote Petroleum Refinery has increased its gantry price of petrol to N1,275 per litre, marking its second price hike within 24 hours.
Barely 12 hours after raising the price to N1,245 per litre, the refinery implemented another increase to N1,275 per litre.
NNPC petrol prices
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has increased petrol prices across its retail outlets, raising pump prices in Lagos from N1,230 to N1,330 per litre.
In Abuja, the price rose from N1,260 to N1,361 per litre, reflecting a fresh adjustment amid rising crude oil costs and supply pressures.
A survey conducted by Legit.ng also showed new prices in other parts of the country, including N1,335 per litre in Anambra and N1,330 per litre in Borno.
Source: Legit.ng
