Nigeria Declines to Lower Fuel Prices

The Nigerian government has declined to reduce oil prices, dashing hopes that falling global crude oil prices would automatically lead to cheaper petroleum products domestically. Nigerian Energy Minister Odein Ajumogobia made the announcement at a briefing with correspondents in Abuja, arguing that the federal government could not effect a reduction as the country’s petroleum sector was not deregulated. World crude prices have fallen from a high of $147 per barrel in July to a low of $54 a barrel this week. [PE]