Petrol prices cut by 30 per cent as Nigeria's president concedes to strikers That had kept costs artificially low and was sucking as much as £4.5 billion out of the country's exchequer each year. The nationwide strike last week was accompanied by street protests that police brutally dispersed, leaving at least three people dead and scores injured. Many ordinary Nigerians complained that the subsidy was the only regular benefit they received from the government. Investors had warned that it served only to line the pockets of an elite cartel of refined fuel importers. Although the strike was scheduled to continue this week, union leaders had advised their millions of members that taking to the streets was now too dangerous due to the "security situation." Armed forces personnel including Nigeria Air Force soldiers on Monday set up roadblocks on approaches to the financial centre of Lagos, the commercial capital. Trades union representatives had yet to respond to Mr Goodluck's announcement early on Monday. Talks had appeared to have broken down on Sunday evening as strike leaders said that they would not concede to anything less than a return to the subsidised petrol price. "Internationally, it looks bad that Goodluck has capitulated after only a week, when investors were told that he would stick to his guns on this subsidy removal," said one Western diplomat in Abuja, Nigeria's capital. But domestically it was getting to the point that he had no choice. The question remains whether cutting a third off the new price is going to be enough for the unions. Nigeria is one of Africa's largest crude oil exporters and unions representing oil workers had threatened to order their members to down tools if there was no compromise this week. Oil sales pump by far the largest amount of foreign earnings into the government. "That may have been the last turn of the screw" for President Jonathan, the diplomat added.