Nigerian President Goodluck Jonathan on Monday announced he would reduce petrol prices, as part of negotiations with unions who went on strike and took to the streets last week. The prices would be reduced from 140 naira (0.90 dollars) to 97 naira (0.65 dollars). When the government scrapped subsidies for petrol on January 1, the cost of fuel at the pump doubled. The resulting strike in protest at the rising fuel price has cost Nigeria's economy heavily, according to a report of the German Press Agency "DPA".
