Posted on 12/06/2004 10:30:51 PM PST by M. Espinola
THE Nigeria Labour Congress (NLC) has described the retail prices of petroleum products in Nigeria as the highest in all the OPEC countries.
The NLC in a statement in Abuja said Nigerians are paying more than 15 Naira above what their peers in the OPEC country with the highest petroleum prices are paying.
The NLC gave the data as follows: Algeria--N35.39, UAE--N36.55, Saudi Arabia-- N31.05, Kuwait-- N28.09, Indonesia-- N27.27, Quatar --N23.96, Libya-- N11.50, Iran-- N10.19 and Venezuela-- 6.71. The NLC pointed out that the statistics being bandied around by the Federal Government in respect of pump prices of petroleum products in other OPEC countries was based only on propaganda.
"We find the present statistics-based propaganda unacceptable. We believe that likes should be compared with likes, rather than comparing oranges with apples. As a member of the Organization of the Petroleum Exporting Countries (OPEC), we have attempted a comparison of Nigeria with her fellow OPEC members. This comparison clearly shows that among OPEC countries, petroleum products prices are highest in Nigeria."
The NLC added that Nigerians are being continuously deceived because of the vested interest of some Nigerians in the petroleum industry. It described attitude of government issues of prices as an indication that the government officials lacked the will to arrest these interest.
"It is a shame that even announced price of kerosene, the product the President chose to specifically single out for his intervention is not being observed anywhere in the country.
"We call on Nigerians not to be misled by the flaunting of selective data and to continue to insist on a policy driven by the developmental needs of the overall Nigerian economy."
(BizWorld)
Oil prices headed higher after Nigerian locals seized oil pumping stations, with news of an attack on the US consulate in Jeddah, Saudi Arabia, also pushing prices higher, dealers said.
At 12:45, Brent contracts for January delivery were up 56 cents at USAD39.92 per barrel in electronic trading. US January light sweet crude contracts were up 53 cents at USD43.16, also in electronic deals. 
In Nigeria, oil facilities producing up to 90,000 barrels of oil have been seized, said Bache Financial broker Christopher Bellew. Militant youths are said to be holding 75 workers in two Shell pumping stations in southern Nigeria, according to Shell.
"About 200 youths occupied two flow stations, Ekulama I and Ekulama II, some time yesterday," a Shell spokesman said.
Production equivalent to 70,000 barrels of crude per day has been halted and 75 workers from Ekulama II, which is near the Atlantic coast in the Niger Delta swamps soutwest of Port Harcourt, are trapped by the protest, he said.
In Jeddah, an Agence France-Presse correspondent reported that witnesses said shots were fired and two explosions were heard in the area of the US consulate, with smoke still coming from the compound.
Oil prices had fallen 14pc last week after an improved winter heating fuel outlook in the US. OPEC members are due to meet on Friday to discuss forward policy.
Although Nigeria is the world's sixth largest exporter of oil, the vast majority of its 130-million-strong population remains mired in poverty, increasing the resentment felt towards wealthy multinational firms.
What I understand is that their country produces the highest quality of oil than other OPEC countries.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.