Benin Republic 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.
In his inauguration speech, Nigeria’s new President Bola Tinubu 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.