• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 10 mins The lies and follies of the "cry wolf" enviros: No more fire in the kitchen: Cities are banning natural gas in homes to save the planet
  • 8 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 1 min China's Renewables Boom Hits the Wall
  • 12 hours China Burns More Coal than the Rest of the World !
  • 7 hours Offshore SE Asia: Offshore OFS Could Get Major Boost in SE Asia
  • 8 hours CHK Trading @ 90 Cents
  • 11 hours Does Brazil Auction Flop Forbode the Outcome of the Saudi Aramco IPO ?
  • 13 hours New York State Taxpayers Lose 900 Million to Tesla
  • 11 hours "Climate Migrants"
  • 18 hours Giant Windmills Wildly Unpopular
  • 6 mins Judge Orders Trump To Release Tax Returns
The Science Behind Dark Energy

The Science Behind Dark Energy

Since it was first hypothesized…

The Most Important Data Point In U.S. Oil Markets

The Most Important Data Point In U.S. Oil Markets

Oil markets are always awash…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Nigerian President to Reduce Fuel Prices, Just Days After Abandoning Subsidies

After a week of mass strikes and riots Nigerian president Goodluck Jonathan has finally bowed to public pressure with his decision to reduce fuel prices. In response the unions have agreed to suspend the strike, which was starting to threaten the countries oil production.

The unions are listing the president's decision as a victory for the people. "In the past eight days through strikes, mass rallies, shutdown, debates and street protests, Nigerians demonstrated clearly that they cannot be taken for granted and that sovereignty belongs to them," said Abdulwaheed Omar, president of the Nigeria Labour Congress.

The beginning of the year saw fuel prices more than double from 65 naira ($0.40) to 140 ($0.86) over night after Mr Jonathan dissolved all fuel subsidies. The public were outraged and immediately rebelled in protest. Following reports of violence in the streets of Lagos where soldiers used live ammunition and tear gas to disperse the protesters, the president addressed the nation on Monday morning. He said that the government would cut the price to 97 naira in order to ease hardships on the people, but that he still intends to pursue the full removal of all subsidies in the future. The country's vast subsidy regime is thought to have cost Nigeria around $8 billion last year alone.

Goodluck Jonathan is already struggling with Islamic insurgents of the Boko Haram sect in the north of the country, and some fear that this decision to give in to pressure and reduce fuel prices again after such a short period of time could threaten his wider reform agenda less than a year into his term of presidency.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play