The electrostatic potential due to an electric dipole at a distance $$r$$ varies as :

The electrostatic potential due to an electric dipole at a point at distance $$r$$ from the center of the dipole is given by:

$$V = \frac{1}{4\pi\epsilon_0} \cdot \frac{p\cos\theta}{r^2}$$

where $$p$$ is the dipole moment and $$\theta$$ is the angle between the dipole axis and the line joining the center of the dipole to the point.

From this expression, we can see that:

$$V \propto \frac{1}{r^2}$$

Note: This is different from a point charge, where $$V \propto \frac{1}{r}$$, and from the electric field of a dipole, where $$E \propto \frac{1}{r^3}$$.

The correct answer is $$\frac{1}{r^2}$$.