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Petrol prices soar in Benin Republic as Nigeria removes subsidy



The removal of petrol subsidy by Nigeria’s federal government has resulted in double price of PMS in neighbouring country, Benin Republic, according to a report by the BBC.

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

The report 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.

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.

The development also resulted in transport fare hike across Nigeria and opposed by Nigeria Labour Congress (NLC).

Joe Ajaero, NLC President, said that Labour would embark on strike if the Nigeria National Petroleum Company Limited (NNPCL) fails to revert the current template on the increase in the price of fuel occasioned by the withdrawal of fuel subsidy.

“Consequently, NLC has decided that If by Wednesday, the NNPCL, a private Limited Liability Company, that illegally announced the price regime in the oil sector, refuses to revert itself for negotiation to continue, the Nigeria Labour Congress and all its affiliates will withdraw their services and commence protest nationwide until this is complied with.

“The NNPCL does not have the monopoly to fix prices even as a private company.

“The NLC, therefore, directs all its state councils and industrial unions to commence mobilisation from this moment to make sure that the action is carried out,’’ he said.

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