Business
Nigeria update: Govt concedes, reduces fuel prices
Nigeria’s President Goodluck Jonathan has announced an immediate drop in the cost of fuel, following a week of strikes after prices doubled. Jonathan said the price would drop by around 30% in recognition of the “hardships being suffered” by people. Nigeria has been paralysed by strikes and protests over the government’s decision to scrap fuel subsidies.
Labor leaders have rejected the Nigerian government’s concession Monday to drop fuel prices after a nationwide strike paralyzed the country last week. Abiodum Aremu of the Nigeria Labour Congress said the group will only accept a return to prices before the government ended fuel subsidies on January 1.
Fuel prices used to be about 65 nairas (40 cents) per litre, but the end of subsidies doubled gas prices and sent the costs of other goods skyrocketing.
