Nigerian union suspends strike after president cuts fuel prices

At last, after marathon talks between the Federal Government and Labour, President Goodluck Jonathan yesterday reduced petrol pump price to N97 per litre. The offer was the thrust of a presidential broadcast this morning. The President made the announcement in a national broadcast this morning, the second time, he would be addressing the nation in two weeks. He said government would continue to pursue full deregulation of the downstream petroleum sector, but given the hardships being suffered by Nigerians, the reduction was approved. Government, he also said, was working hard to reduce recurrent expenditure in line with current realities and to cut down on the cost of governance. The Federal Government through the PPPRA on January 1, 2012 removed the fuel subsidy which effectively announced take-off of its deregulation policy. The price rose from N65 to N141 per litre immediately. Nigerian labor unions suspended Nationwide strike after president cuts fuel prices from N140 per liter to N97 per liter.