Dangote Warns Nigerians of Rising Fuel Prices Impact

Aliko Dangote, Africa's richest businessman, has issued a warning to Nigerians regarding the significant economic impact of rising fuel prices amid the ongoing conflict in the Middle East. Speaking after a meeting with President Bola Ahmed Tinubu in Lagos, Dangote highlighted that the crisis, which has escalated since February 28, has already caused crude oil prices to exceed $100 per barrel.

He cautioned that if tensions continue to rise, energy prices will further increase, affecting households and industries across Nigeria. The retail price of petrol has surged to approximately N1,367 per liter, a sharp increase from N875, reflecting the volatility in global crude supply.

Dangote's refinery, which has a capacity of 650,000 barrels per day, is expected to face challenges in supplying fuel due to fluctuating crude oil prices. He expressed concern for small business owners who rely on petrol and diesel for daily operations, fearing that rising fuel costs could reduce profit margins and lead to potential shutdowns.