President Muhammad Buhari in his Presidential Address to mark Nigeria’s Independence on the 1st October,2020 has tipped Nigerians on the plan to further increase fuel pump price by N20.
This comes barely a month after fuel price was increased by N15 to make it N165 per litre in the country. From the look of things, it seems the presidency is not yet satisfied with the current price of fuel which has not gone so well with the common Nigerians.
President Buhari stated this in his address when he compared oil prices with that of other countries like Egypt, Saudi Arabia, Ghana, and Chad that are equally producing oil.
“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point;
a. 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”.
From the look of things, this has not gone well with the Nigerians as they have already started protesting against the incessant hike on fuel price.