Petrol prices have almost doubled across fuel stations in Benin Republic after it was announced that subsidy would be removed in Nigeria, the British Broadcasting Corporation (BBC) is reporting.
Petrol from Nigeria is regularly smuggled into neighboring countries including Niger, Cameroon, Ghana, Benin Republic and as far as Sudan.
The corporation quoted sources to have said the product is being sold for between 700 CFA and 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.
President Bola Tinubu had in his inaugural speech on May 29th, 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.