https://www.myjoyonline.com/benin-petrol-prices-soar-as-nigeria-moves-to-end-subsidy/-------https://www.myjoyonline.com/benin-petrol-prices-soar-as-nigeria-moves-to-end-subsidy/
International

Benin petrol prices soar as Nigeria moves to end subsidy

Petrol prices have almost doubled in Benin after it was announced that fuel subsidies would be scrapped in next-door Nigeria.

Nigeria is one of Africa's oil giants and subsidised petroleum products are routinely smuggled into Benin, where they're mostly sold by the roadside and serve a large part of the population

Benin import much of its fuel from its bigger neighbour (stock image)

Popularly called kpayo - which means "unoriginal" in Goun, a native language - it is cheaper than fuelling up at stations, local media reported.

Nigeria's new President Bola Tinubu had in his inauguration speech said fuel subsidy was "gone", an announcement that triggered panic-buying and a surge in fuel prices.

It was later clarified that it would be phased out in the coming weeks.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.


DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.