President Muhammadu Buhari has defended the current price of fuel in the country.
In his Independence Day Speech, 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”.