President Muhammadu Buhari has stated that it makes no sense for Nigeria to sell petroleum products at prices lower than those sold in neighbouring countries, sighting Saudi Arabia as an example.
Buhari made this known on Thursday morning while delivering a speech on the occasion of Nigeria’s 60th Independence Anniversary at Aso Villa, Abuja.
“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. 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.”