It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia – Buhari

President Muhammed Buhari has declared that it does not make sense for Nigeria to sell oil cheaper than Saudi Arabia.

He gave the declaration in his Independence Day nationwide speech in Abuja on Thursday.

Making comparison among oil producing nations in Africa, he noted that they all sell at higher prices than Nigeria

He maintained that petroleum prices in Nigeria would be adjusted.

Part of the broadcast  read, “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.

“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”

“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.

“Fellow Nigerians, 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.

“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,” he stated.