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

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.

Source: Ghana News