President Muhammadu Buhari has revealed that Nigeria cannot sell crude oil below what other neighboring countries are selling.
The President made this know during his Presidential speech while addressing the nation on October 1st, 2020.
" In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.”
“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.” He said.