The Federal Government of Nigeria, yesterday announced the reduction in petrol pump price from N97 to N87 per litre.
The price of petrol was formerly fixed at N97 per litre in January 2012 after the administration made an unsuccessful move for the full deregulation of the downstream sector which at first saw petrol price rise to about N140 per litre. The move was challenged by a general protest across the nation led then by the Occupy Nigeria movement which organized city shutdowns across some of the major cities in the country.
The organised labor also embarked on a strike then and the strike was called off on January 16 after the administration drew back from full deregulation and agreed to a reduction of the price to a fixed N97 that would be varied according to a template based on the price of crude in the international market.
Do you think the reduction in petrol price is a strategy to win Nigerians over to GEJ’s camp ahead of the forthcoming elections?