Benin Republic Petrol Prices Soar As Nigeria Moves To End Subsidy

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.

BBC/Jide Johnson.