Government to review fuel price hike

The Nigerian government set up a committee yesterday to review a recent increase in fuel prices that outraged labour unions, according to the Nigerian daily ‘The Guardian’. Information Minister John Nwodo said the committee would review the hike and arrive at a “consensus” price on fuel products. The Nigerian Labour Congress withdrew threats to strike but warned that the government would face “workers’s wrath” unless it reversed the higher prices. The price of petroleum products soared last week. The price of a litre of kerosene went up from seven cents to 27 while gasoline jumped from 14 cents to 29. Transport fares have quadrupled, AFP reported. Meanwhile, the Nigerian currency has been under intense pressure following economic concerns and an unusual year-end rise in the demand for US dollars. Bank traders said one dollar was selling for between 92 and 93 naira up from 90 last week, Reuters reported yesterday. The economy has been under serious strain as a result of falling world oil prices.