Buhari justifies increase in fuel price

Petrol pump

By Anayo Ezugwu

PRESIDENT Muhammadu Buhari has justified the recent increment in the pump price of petrol from N138 per litre to N161 per litre. He says that fuel price in Nigeria is cheaper than other neighbouring oil-producing countries.

In his nationwide broadcast to mark the country’s Independence Day celebrations, Buhari said petroleum prices in Nigeria would 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,” he said.

Realnews recalled that the federal government had on September 2 announced the new pump price of petrol. And it is expected to review the prices this month.

– Oct. 1, 2020 @ 10:25 GMT |

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