Despite the two-weeks stay in the wake of threatened strikes to protest increases in fuel and electricity costs, the hike may not be going back any time soon.
President Muhammadu Buhari gave the indication in his Independence Day address, listing four oil-producing nations where buyers pay more than N161 per litre for petrol.
The cheapest on the list is Saudi Arabia at N168 per litre.
“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia,” the president said.
On the list are Chad, where a litre of petrol costs N362; Niger, N346; Ghana N326 and Egypt, N211.
“In the circumstances, a responsible government must face realities and take tough decisions,” he said. “Petroleum prices in Nigeria are to be adjusted.”
“Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”
