Fuel Prices Double In Some Countries Following Removal of Fuel Subsidy In Nigeria

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Report has it that Petrol prices have almost doubled across fuel stations in Benin Republic after
the removal of fuel subsidy by President Bola Tinubu.

According to reports, petrol from Nigeria is regularly smuggled into neighboring countries lik Cameroon, Ghana, Benin Republic and as far as Sudan.

According to a BBC report, sources say that the product is being sold for 700 CFA or 800 CFA in Benin Republic, up from a previous price of 450 CFA.

In his inaugural speech on May 29, President Bola Tinubu said the petrol subsidy regime was over as there is no provision for fuel subsidy in the budget.

Right after that, huge queues resurfaced at filling stations in some parts of Nigeria — a situation the Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed on panic buying.

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