Aliko Dangote, Africa’s richest man, has warned that the ripple effect of the ongoing war in the Middle East between Iran and the United States-Israel would be felt by everyone if it further escalates.
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.
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.
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