No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia Says Buhari, Hints at Further Price Increase

Nigeria’s President Muhammadu Buhari has stoutly defended the recent rise in fuel price in the country, while hinting at further increase.

In a speech to commemorate Nigeria’s 60th Independence anniversary on October, the Nigerian president compared prices of Premium Motor Spirit (petrol) to those of neighbouring countries, as well as the world’s highest oil exporter, Saudi Arabia.

Castigating previous governments from 1999-2015 who “who presided over the near destruction of the country,” Buhari claimed no government in the past has achieved what his government has despite scarce resources.

 “We have managed to keep things going in spite of the disproportionate spending on security,” he continued.

In the face of these scarce resources, Buhari opined that “a responsible government must face realities and take tough decisions.”

The recent moves to completely remove subsidy on petroleum products is one way the Nigerian government intends to save money in the face of dwindling revenues occasioned by falling crude oil prices. Crude oil is the country’s major revenue earner.

“Petroleum prices in Nigeria are to be adjusted,” Buhari said in his address.

“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 one litre at N346.

“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 said.

By Demola Ojo

Follow us on:

AriseNews

Recent Posts

Navin Ramgoolam Returns As Mauritius’ Prime Minister After Landslide Victory

Mauritius’ Ramgoolam has returned as prime minister with a mandate to address economic challenges and…

1 min ago

US Opens New Air Defense Base In Northern Poland Amid NATO Concerns

The US is set to inaugurate a new missile defense base in Poland, strengthening NATO…

12 mins ago

Somaliland Holds Presidential Election, Eyes International Recognition After Decades of Autonomy

Somaliland voters have gone to the polls in pivotal election, fueling hopes for long-awaited international…

16 mins ago

US Air National Guardsman Jack Teixeira Sentenced to 15 Years for Major Intelligence Leak

US Air National Guardsman, Teixeira has been sentenced to 15 years for leaking classified Pentagon…

20 mins ago

Trump Nominates Former DNI John Ratcliffe To Lead CIA

Former DNI John Ratcliffe has been nominated to head CIA, as he pledges commitment to national…

28 mins ago

Volkswagen, Rivian Launch $5.8bn Joint Venture Amid EV Industry Competition

Volkswagen and Rivian have launched a $5.8bn joint venture, sharing critical EV technology amid slowing…

2 hours ago