President Muhammadu Buhari has defended the current price of fuel in the country, stating that a responsible government must face realities.
In his Independence Day Speech, President Buhari stated that while petroleum prices are to be adjusted, the government must take tough decisions.
The president compared the oil price in Nigeria to those of neighbouring countries, arguing that it makes no sense for oil to be cheaper in Nigeria than it is in other oil-producing nations.
Buhari said, “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 1 litre at N346.
In Ghana, another oil-producing country, the 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”.
“Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.
“In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.”
Continuing, the President added, “Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point.