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Report: Petrol prices soar in Benin Republic after subsidy removal in Nigeria

Report: Petrol prices soar in Benin Republic after subsidy removal in Nigeria
June 04
20:21 2023

Petrol prices have almost doubled across fuel stations in Benin Republic after it was announced that subsidy would be removed in Nigeria, the BBC is reporting.

Petrol from Nigeria is regularly smuggled into neighboring countries including Cameroon, Ghana, Benin Republic and as far as Sudan.

The broadcasting company quoted sources to have said the product is being sold for 700 CFA or 800 CFA in Benin Republic — up from a previous price of 450 CFA.

Smuggled petrol — popularly called kpayo – which means “unoriginal” in Goun, a native language – is cheaper than fuelling up at stations, according to local media reports.

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On Monday, in his inaugural speech, President Bola Tinubu said the petrol subsidy regime was over.

“On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone,” the president had said.

Following Tinubu’s comments, 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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On Friday, the Nigeria Labour Congress (NLC) issued a five-day ultimatum to the federal government to revert to the old price of petrol or face a nationwide protest

Presently, a federal government delegation is in a meeting with representatives of organised labour at the presidential villa, Abuja, over the removal of subsidy on petrol.

The NLC didn’t make the meeting.

The meeting comes five days after a first meeting with the new government on the same issue ended in a deadlock.

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