The electric potential due to a dipole at a point situated at a distance r, larger than the distance between the dipole's charges, varies as

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The electric potential due to a dipole at a point situated at a distance r, which is larger than the distance between the dipole's charges, varies as $1 / r^2$. This is because the dipole potential falls off as the square of the distance from the dipole.

The Electric Potential Due to a Dipole at a Point