President Muhammadu Buhari has said that it makes no sense for Nigerians to buy petroleum products at prices lower than those sold in neighboring countries.
The president said this at Aso Rock Villa, Abuja, while delivering independence speech to Nigerians on Thursday morning, October 1, 2020, the 60th Independence Anniversary of Nigeria.
Buhari said, “Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbors will illustrate the point.
“Chad, which is an oil-producing country, charges N362 per litre. Niger, also an oil-producing country, sells oil at N346 per litre. 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.”
