Monday, May 16, 2016

Video - Nigeria trade unions want 67% hike reversed

Nigeria's trade union federation has refused to accept the 67% rise in fuel prices the government introduced on Wednesday to ease fuel shortages. [TAKE VO] The Nigeria Labour Congress wants the increment reversed. In 2012, the government was forced to back down on a similar price rise after nationwide protests. The subsidy, which has kept the price low, costs the government 2.7 million dollars a day and there is no provision for it in the recently approved budget for this year. Some oil marketers are already selling petrol at prices dictated by the market. Only filling stations owned by the state-run NNPC are selling at the old price until they exhaust their current stock.

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