Dangote Questions the Logic of Nigeria’s 40% Cheaper Petrol Prices Compared to Saudi Arabia

Aliko Dangote, the Nigerian billionaire and owner of Dangote Refinery, has criticized Nigeria’s petrol pricing as unsustainable, especially compared to countries like Saudi Arabia. In a recent interview with Bloomberg TV, he supported the removal of fuel subsidies, stating that it aligns with global trends and has become too costly for the Nigerian government to maintain.

Dangote highlighted that petrol prices in Nigeria are about 40% lower than in Saudi Arabia and 60% lower than in neighboring countries, making the current pricing structure illogical. He noted that many countries have successfully eliminated fuel subsidies, and that Nigeria’s subsidy burden is unsustainable given its porous borders and economic realities.

While he emphasized that the decision to remove the subsidy rests with the government, he believes that it is necessary for Nigeria’s economic stability and future, especially for a private company like his, which has invested heavily in the refining sector.