President Muhammadu Buhari has defended the current fuel price hike 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 nations and oil-producing countries, arguing that “it makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia”

“In the circumstances, a responsible government must face realities and take tough decisions.

“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point;
a. Chad which is an oil producing country charges N362 per litre
b. Niger, also an oil producing country sells 1 litre at N346.
c. In 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,” Buhari submitted.

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