President of the Dangote Group, Aliko Dangote, says petrol selling at N1,350 per litre in Nigeria remains cheaper than in neighbouring countries.

Dangote says petrol prices in those countries are between 30 and 50 per cent higher than in Nigeria, making cross-border smuggling more attractive.

He disclosed this during an interview on Arise TV on Tuesday.

According to him, the price gap is encouraging traders to move petrol from Nigeria into neighbouring countries where they can make higher profits.

Using Niger as an example, Dangote said petrol is currently about 20 to 25 per cent more expensive there than in Nigeria.

He questioned why traders would ignore an opportunity to make an immediate 25 per cent return by moving the product across the border.

Dangote added that the price difference continues to make petrol smuggling financially attractive despite efforts to curb the practice.