The price hike may not be reversed anytime soon despite the two weeks stay in the wake of threatened strikes to protest increases in petrol price and electricity tarriffs.
The President, Major General Muhammadu Buhari (rtd), while addressing Nigerians on the occasion of her 60th Independence Anniversary, said at N161 per litre, it is still far cheaper in Nigeria than in the neighbouring oil producing countries.
“In these circumstances, a responsible government must face realities and take tough decisions. Petroleum prices in Nigeria are today adjusted, we sell now at N161 per litre. A comparison with our neighbours will illustrate the point.
” Chad, which is an oil producing country, is N362 per litre; Niger, which is also an oil producing country, sells fuel litre at N346.; Ghana, another oil producing country, petroleum pump price is N326 per litre. Egypt charges N211 per litre, Saudi Arabia charges N168 per litre.”