President Muhammadu Buhari, yesterday told Nigerians to expect further adjustments in the price of Premium Motor Spirit(PMS) popularly called petrol.
Buhari in 60th Independence Anniversary message to Nigerians said a responsible government should face realities and take tough decisions. The President said “it makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia,” adding that sustaining the level of petroleum prices is no longer possible.
According to him, the government, since coming into office has recognised 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 escort 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 one 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.
