Petrol prices slashes down by 30% in Nigeria
The government ended fuel subsidies in Nigeria,on January 1, causing petrol prices to more than double from 65 naira per litre to 140 naira or more, sparking the strike and protests that began on January 9.
Nigeria is one of Africa’s largest crude oil exporters, and unions representing oil workers had threatened to continue the strike, if there was no compromise this week. Nigeria is one of Africa’s largest crude oil exporters, and unions representing oil workers had threatened to continue the strike, if there was no compromise this week. The strike and mass protests shut down Africa’s most populous nation and largest oil producer.
Nigerian president Goodluck Jonathan has announced a cut in petrol prices in a bid to end a nationwide strike now in its second week, as soldiers seized the main protest site in Lagos.
The president’s announcement that prices would be slashed by around 30 per cent came after last-minute talks had failed to resolve the dispute.
“Government will continue to pursue full deregulation of the downstream petroleum sector,” he said in his address.
The climbdown, which surprised analysts, is still not as much as trades union leaders were demanding as the minimum concession for them to call off strikes which have paralysed West Africa’s strongest economy.
“Government will continue to pursue full deregulation of the downstream petroleum sector,” Mr Jonathan said in a televised national address.
“However, given the hardships being suffered by Nigerians, and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to 97 naira (about 40p) per litre.” He continued.
** Don’t know, strike and so cut in petrol price is really gonna solve anything, or going to raise some more problems, as one does over-blowing the balloon, out of proportion?