Nigerian President Orders Price Reduction
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Nigerian President Olusegun Obasanjo attempted to calm labor discontent Friday ahead of a planned general strike, saying he would order the reduction of kerosene prices.
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Nigeria&#39;s two main trade unions decided on Saturday to call off their four-day-old general strike over a rise in fuel prices after reaching an agreement with the government, a source told AFP.
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ABUJA/LONDON  - OPEC President Nigeria called on its fellow OPEC countries to make deeper output cuts on Tuesday as prices tumbled to an 8-month low below $59 a barrel and the tide showed no sign of turning.
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President Olusegun Obasanjo yesterday directed that the price of kerosene be slashed immediately. He did not however give a benchmark for the price.
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Oil prices eased on Monday after  rebels in Nigeria withdrew a threat to target oil operations,  but lingering concerns over stretched supplies ahead of winter  kept prices close to $50 a barrel.
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Defiant Nigerian union leaders took their nationwide general strike into a third day and gave no sign of faltering over their demand that President Olusegun Obasanjo find a way to slash fuel prices.
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Nigerian President Olusegun Obasanjo promised to deal &quot;firmly&quot; with kidnappers of foreign oil workers in the Niger Delta after a string of hostage takings and releases in recent days.
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Oil prices slid from record highs above $50 a barrel Wednesday as the U.S. government reported a surprise increase in crude stocks and rebels in Nigeria's oil-rich delta region agreed to a preliminary cease-fire with the government.
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Nigerian President Olusegun Obasanjo held talks in Tokyo on the start of a trans-Pacific trip which could be the last summit for Japan's outgoing Prime Minister Junichiro Koizumi.
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Oil prices fell on Monday after a Nigerian oil union strike that had threatened to further curtail shipments was suspended at the weekend, although the start of the U.S. summer driving season limited losses.
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OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.
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Lagos - Nigerian unions on Monday suspended a general strike due to start on Tuesday after the government agreed to reduce domestic fuel prices, a union leader said.
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Oil prices slid towards $US49 a barrel, after United States crude stocks rose unexpectedly and rebels in Nigeria&#39;s oil- rich delta region agreed to a ceasefire with the Government, reducing an imminent threat to supplies.
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ABUJA, Nigeria -- OPEC is likely to trim production again, the president of the oil cartel said Friday, adding that he expects a cut of at least 500,000 barrels a day.
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MEXICO CITY -- The Mexican government announced a plan Sunday to reduce inflation in 2005 by lowering duties on imports from countries without trade agreements and restructuring electricity rates.
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Oil prices are very low, harming investment in the industry, and action should be taken to steady the market, OPEC president Edmund Daukoru said yesterday .
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The Nigerian president leads new efforts  to stamp out polio as part of a big campaign planned for the region.