Nigerian President Goodluck Jonathan has performed a major U-turn by announcing that petrol prices will be reduced after five days of mass protests.
The removal of fuel subsidies on January 1 effectively doubled the price of petrol at the pump, sparking the unrest.
The president announced the move in a TV broadcast: “Government will continue to pursue full deregulation of the downstream petroleum sector. However, given the hardships being suffered by Nigerians the government has approved the reduction of pump price petrol.”
Trade unions have agreed to suspend their street and strike action, which has led to the deaths of several people. The dispute has cost the country billions of euros in lost revenue.