It Makes No Sense For Oil To Be Cheaper In Nigeria Than Saudi Arabia — President Buhari

President Muhammadu Buhari has justified the recent increase in price of petroleum products in the country, adding that a responsible government must face realities.

In his Independence Day Speech on Thursday, October 1, 2020, President Buhari said that the price of petrol in Nigeria, is fair when compared to other oil producing countries.

He stated that it makes no sense for Nigeria to sell petroleum products at prices lower than those sold in neighbouring oil producing countries.

“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point:

“Chad which is an oil producing country charges N362 per litre, b. Niger, also an oil producing country sells 1 litre at N346. c. In Ghana, another oil producing country, petroleum pump price is N326 per litre.

“Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia,” Buhari said.

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Meanwhile, President Buhari’s justification for the new pump price of petrol in the country have sparked outrage among Nigerians on social media.

KanyiDaily recalls that the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) have scheduled next week Monday, for industrial action and nationwide rally to protest increases in the prices of petrol and electricity in the country.