Nigeria Cuts Gasoline Price Amid National Strike Over Subsidies

Jan. 16 (Bloomberg) -- Nigeria’s government approved a reduction in the gasoline price as a nationwide strike over the abolition of fuel subsidies in Africa’s largest crude producer entered a second week.

The West African nation will cut the pump price of gasoline to 97 naira per liter, President Goodluck Jonathan said in an e-mailed copy of a speech today. “The Petroleum Products Pricing Regulatory Agency has been directed to ensure compliance with this new pump price,” he said.

The government’s offer to reduce fuel prices falls short of union demands for a full reversal, the Nigeria Labour Congress and the Trade Union Congress, the country’s biggest labor federations, said in a statement yesterday.

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