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Crude oil pricies fall as Nigerian oil workers' union calls off a planned general strikeCrude oil prices fell to a two month low on Tuesday in part due to the Nigerian oil workers union halting a planned general strike. The Nigerian government made an 11th hour concession to increase domestic fuel subsidies by seven percent. Niyi Shomade (Nee-yee Show-ma-day) is a Nigerian environmentalist. He says impoverished Nigerians can't afford fuel because of IMF and World Bank polices. Seventy percent of Nigerians live on less than a dollar a day. [Shomade1] "The IMF and World Bank structural adjustment programs tells us to reduce our so-called subsidies. The problem is when you do the research, you find that the cost of petroleum in Nigeria compared to what we're selling it at is actually very low. We're the fifth largest oil producer in the world, yet we're paying very high prices for gasoline." Although deemed illegal by the courts, the Nigeria Labour Congress says it will not hesitate to issue a new strike order if the government does not come through with its promise to reduce fuel prices within one week. |
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