Oil prices fall as Nigeria strike nears end

World oil prices fell on Friday over hopes that a deal between the Nigerian government and the country’s unions could be reached to end a five-day strike.

    A fleet of empty petroleum
    tankers parked in Lagos

    Brent crude futures in London eased 44 cents to $27.76 a barrel after fears of a supply disruption decreased.

     

    Nigeria is the eighth largest oil exporter in the world.

     

    Nigeria’s blue-collar oil worker union NUPENG said on Friday it was putting on hold a decision to withdraw its members from oil export terminals.

     

    The progress in negotiations in the capital Abuja took place after Vice-President Atiku Abubakar intervened on Thursday.

     

    “We believe by tomorrow or so we will have an agreement”, Abubakar told reporters late on Thursday. 

     

    Strike leader Adams Oshiomhole, president of the Nigeria Labour Congress (NLC), said late Thursday that he would present the government's latest offer to the body's executive council for

    approval.

     

    But NLC general secretary John Odah told AFP that the council

    could not meet before Saturday and that the strike had not yet been

    called off.

     

    "The meeting of the national executive council planned for today has been rescheduled for tomorrow at 10:00 am. The strike continues," said Odah.

     

    The NLC began the strike on Monday to protest a 54 percent rise in petrol prices to 40 naira per litre.


    The government’s latest offer to the NLC have not been released to the public.

     

    But sources close to the talks said the two sides were seeking a compromise petrol price limit somewhere between 26 and 40 naira per litre.

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