Fuel prices have almost tripled across Africa’s most populous nation, after newly elected President Bola Tinubu announced Monday that subsidies were “gone”. This has triggered an increase in transportation costs, sending food prices soaring while electricity has become more costly for those using generators. For years, it has swapped crude for refined oil from abroad, which it then subsidises for its domestic market. With a 45-minute drive to the market, he has had to increase his prices after petrol soared from about 190 to more than 500 naira per litre. Not all prices have increased at the market and some people are rushing to buy as much as they can now, anticipating a rise.

Source: The North Africa Journal June 02, 2023 15:55 UTC