By Franca Joseph (AGENDAWATCHDOG) – Following widespread opprobrium over President Muhammadu Buhari’s comments on Independence day, where he compared the price of fuel in Nigeria with what was obtainable in Saudi Arabia, Presidency Spokesman, Garba Shehu, say the commander-in-chief was spot-on .
According to Shehu, who said this on Channels television: “So Saudi Arabia is important in this discussion because what is the technical cost of producing a barrel of oil in Saudi Arabia? It’s not more than a quarter of what we spend here. And yet you see that they charge more than Nigeria. How much comes to Nigeria? One, you look at their technical cost. So therefore Nigerians should be realistic.”
Shehu added that deregulation was the solution to the scarcity of petrol during festive periods as the government could not afford to continue controlling the prices of fuel, adding that it was time to extend the successes recorded in the telecoms sector to the petroleum sector as is currently the case the world over.