Africa’s richest man and President of the Dangote Group, Aliko Dangote, has warned that the pump price of petrol in Nigeria could rise to as high as N1,400 per litre if the country continues to rely heavily on imported refined petroleum products.

Dangote said the absence of sufficient local refining capacity exposes Nigeria to global oil price volatility, foreign exchange pressures, and high logistics costs, all of which combine to drive up fuel prices for consumers. He stressed that importation of petrol remains unsustainable for an oil-producing nation like Nigeria.

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According to him, local refining would significantly reduce costs associated with freight, insurance, and currency exchange, while also guaranteeing energy security and price stability. He noted that the Dangote Refinery was built to address these challenges by refining crude oil locally and supplying the domestic market.

Dangote urged the government to sustain policies that encourage local refining and support private sector investments in the downstream oil sector, warning that failure to do so could further worsen the cost-of-living crisis for Nigerians as fuel prices continue to climb.