After a week of protests over fuel prices that have more than doubled in 2012, Nigerian President Goodluck Jonathan announced Monday that petrol will be reduced to 97 naira (US$0.60) per litre.

Nigerian labor unions responded by cancelling planned protests, although strikes were expected to continue Monday, according to Reuters.

Petrol was at 65 naira a litre on Jan. 1 and had spiked to 150 naira, due to the govermnent's lifting of a fuel subsidy.

Nigerians protesting in Lagos (Creative Commons)

President Jonathan (in a pre-recorded speech), from Reuters:

"Government will continue to pursue full deregulation of the downstream petroleum sector. However, given the hardships being suffered by Nigerians, and after due consideration and consultations ... government has approved the reduction of the pump price of petrol."

Tens of thousands have been protesting across Africa's most populous country since Jan. 9. 

In Lagos, military officials have set up roadblocks, and air force personnel -- armed with assault rifles -- are questioning drivers in areas where protests occurred last week, according to reports from one Associated Press reporter.