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: BBC
| Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
Featured Video
