The Ministry of Petroleum of Nigeria has removed the existing fuel subsidy on shrinking budget, resulting in a 67% increase in fuel prices, from NGN 86.5/l (US$43c/l) to NGN 145/l (US$73c/l).
This decision has aroused a fierce opposition, trade unions threatening to paralyse the country with strike actions and protests, as in 2012, when a similar decision to remove subsidies sparked massive protests that ended up with more than 10 deaths.
Africa's largest oil producer Nigeria relies on oil for more than 90% of its exports but the country is currently hit by falling global prices and by supply concerns as attacks on pipelines in the Niger Delta region are multiplying. Nigeria country doesn't produce enough oil products and has to import refined products to meet its domestic needs. In the last few months, the lack of foreign currency reserves has prompted oil product importers to reduce imports, resulting in a shortage in oil products and massive queues gathering outside gas stations.
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