Abuja (dpa) – 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, with some estimates saying billions of dollars have been lost. It remained unclear, however, if the reduction would satisfy unions. In a nationwide broadcast in the early morning, Jonathan said he noted “the hardship being suffered by Nigerians,” and said the reduction followed consultations with labor unions, with whom he met over the weekend. He urged the groups to end the strike, which was expected to continue into a second week, though street protests have been cancelled owing to security concerns. “Government will continue to pursue full deregulation of the downstream sector,” Jonathan never-the-less cautioned, but said he would also enact social policies to cushion the blow from the higher petrol prices. The president also used the speech to attack corruption, saying “let me assure Nigerians that this administration is irrevocably committed to tackling corruption in the petroleum industry as well as other sectors of the economy.” Some protesters have said corruption in Nigeria costs the country heavily, and have urged the government to first tackle graft before going after the subsidies. Corruption is also blamed for the failing infrastructure, which affects all areas of life, including the oil refineries. The refineries are unable to process enough fuel for domestic consumption, forcing Nigeria to import petrol. Many citizens in Africa's most populous nation of 160 million people see the subsidies as their only benefit from the country's oil wealth. Despite being the eighth largest oil-producing nation, many Nigerians live in dire poverty. BM ShortURL: http://goo.gl/mcdL6 Tags: Goodluck Jonathan, Nigeria, Petrol, strikes Section: Latest News, West Africa
