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World

Outrage as Nigeria raises pump price by 67 percent

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Opening sequence

World

Outrage as Nigeria raises pump price by 67 percent

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COMING UP:Outrage as Nigeria raises pump price by 67 percent

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Transcript

00:00:01
>> Nigerian motorists are outraged by hike in the price of petrol, up 67%. The painful rise is blamed on the fall of the global oil price. Now Nigerians are are suffering. They say that the government's decision has affected the prices of foodstuffs in the market, it has affected transportation across all levels.
00:00:22
Nigeria's government says such a move will help cut subsidies it has been helping to pay for the importation of fuel over the years. With falling oil revenues, the government says it can't afford the fill price cap anymore. Ironically Nigeria's Africa's top oil exporter but imports nearly all its fuel because it's refineries have been neglected for years.
00:00:44
And our cash strapped drivers are paying the price.>> Yeah, please, talk to the government of this country, they'll listen to poor people, not for the rich we the poor, we are suffering.>> Prices have risen across the sector since Wednesday's move, fueling a new wave of inflation.
00:01:00
>> For the economy, once you increase the price of petrol in a country like Nigeria where everything depends on petrol, actually there is no light. So the public power doesn't work, which means people resort to using petrol to run generators in their houses. So petrol is key to inflation, once it goes up every other thing will follow.
00:01:20
>> A previous attempt to end a fuel subsidy lead to a massive strike and this latest move is deeply unpopular.