He disclosed this on Monday after meeting with Nigeria’s president, Bola Ahmed Tinubu, at his Lagos residence.
Aliko Dangote, Africa’s richest man, has cautioned that if the ongoing conflict in the Middle East involving Iran, the United States, and Israel escalates further, its ripple effects will be felt globally.
He disclosed this on Monday after meeting with Nigeria’s president, Bola Ahmed Tinubu, at his Lagos residence.
Dangote, whose 650,000-barrel-per-day refinery had increased its gantry petrol at least five times in March to N1,245 per liter, stressed the consequences of a persistent war in the Gulf region.
In his words, the price of the war would be ‘heavy.’
“If the situation does not de-escalate, we will end up paying a heavy price.
“Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise,” he said.
Recall that since the Iran-US-Israel war started on February 28, crude oil prices have surged to above $100 per barrel.
On Monday crude oil prices cooled off after peace talks claimed by President Donald Trump.
However, oil prices continued their upsurge after Iranian authorities denied the peace talks stance by the US.
Nigerians currently buy petrol at N1,367 per liter as of Monday, up from N875 per liter before the Iran-US-Israel war.