President Muhammadu Buhari has defended the current price of fuel 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”.

Buhari said, “Fellow Nigerians, in addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.

Continuing, the President added, “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 oil at N346 per litre. 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.”