Aliko Dangote Links Petrol Costs to Global Crude Prices

Aliko Dangote, President of Dangote Group, stated that domestic refining cannot fully insulate Nigeria from global crude oil price fluctuations and market disruptions. In an interview with Arise TV on September 16, 2026, he explained that the Dangote Refinery must purchase crude at market rates, which reached $124 per barrel in May, making it unsustainable to sell petrol below market levels.

Dangote noted that petrol prices in Nigeria remain 30 to 50 percent cheaper than in neighboring countries, such as Niger Republic, which continues to incentivize cross-border smuggling. Despite current filling station prices reaching N1,400 in Lagos and N1,450 in Abuja, he assured that the refinery would prevent domestic shortages.

Beyond fuel, Dangote identified inconsistent government policies, a lack of electricity, and high borrowing costs—specifically interest rates at 30 percent—as primary obstacles to industrialization in Africa. He noted that power shortages force manufacturers to rely on expensive diesel, increasing the cost of basic goods.

Regarding the future of his conglomerate, Dangote asserted that his three daughters are capable of leading the company. He stated that having a male heir is not a priority, as he intends for the business to be run professionally with high governance standards.