Petrol Cheaper In Nigeria Than In Saudi Arabia – Buhari Justifies Fuel Price Hike

President Muhammadu Buhari has defended his administration’s decision to remove fuel subsidy, resulting in the increase in the price of the commodity which now sells at N161 per litre.

In his speech commemorating Nigeria’s 60th Independence Day anniversary on Thursday, President Buhari made of comparison of the price of petrol in the country and some other West African oil producing countries like Ghana and Chad.

He said it makes no sense for fuel to be cheaper in Nigeria than in Saudi Arabia.

“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point,” he said.

“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.”