Concept:
Physics - Electric Potential of a Dipole.
Step 1: State the formula for dipole potential.
For a dipole with dipole moment $p$, the electric potential $V$ at a distance $r$ from the centre (where $r \gg a$) is:
$$ V = \frac{kp\cos\theta}{r^2} $$
where $\theta$ is the angle between the position vector and the dipole moment.
Step 2: Apply the condition for the axis.
On the axial line of the dipole, $\theta = 0^{\circ}$ or $180^{\circ}$.
$$ \cos(0^{\circ}) = 1 \implies V_{axial} = \frac{kp}{r^2} $$
Step 3: Determine the proportionality.
From the axial potential formula, we can see:
$$ V \propto \frac{1}{r^2} $$