Another fuel price hike is imminent as President Mohammadu Buhari tells Nigerians to prepare for a reality-based price adjustment on the prices of petroleum products in the country.
He said that Nigeria has the cheapest price for petrol when compared to what some oil-producing nations in Africa and Saudi Arabia pay for a litre of petrol.
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Buhari who made this known this morning (Thursday) in his Independence Anniversary speech said it makes no sense for petrol to be cheaper in Nigeria than Saudi Arabia and some countries in Africa.
Comparing the prices of petrol in some of the oil-producing Africa countries as well as in Saudia Arabia, the President concluded that those countries pay higher for petrol than Nigerians currently do. He insisted that petroleum prices in Nigeria are to be adjusted.
According to him, “A responsible government must face realities and take tough decisions. Petroleum prices in Nigeria are to be adjusted, he declared!
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“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, 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 said.
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Continuing, the President said, “Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.
“Let us collectively resolve to continue our journey beyond the sixty years on the clear understanding that as a nation we are greater together than being smaller units of nationalities. By the special grace of God, we shall come through any transient challenges.
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It is my sincere hope that by the end of this anniversary on September 30th 2021, we will all be proud of taking this individual and collective self-assessment for the progress of our great Nation.
By Peace Obi