Gas prices nearly triple in Nigeria as new leader triggers panic-buying by halting subsidies | CNN Business

In a seemingly off-the-cuff remark during his inaugural speech Monday, Tinubu declared, “the fuel subsidy is gone,” adding that it was unsustainable. The rising costs could not be justified as resources dwindle, he said. “We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,” Tinubu added.

retail stations in the capital Abuja, the price of gas was swiftly adjusted Wednesday from 195 Naira per liter to 537 Naira , almost three times the former price. Deregulating Nigeria’s oil sector The decision to end the fuel subsidy is part of a broader effort by the government to deregulate the country’s vital oil sector and attract greater investment into oil and gas. Fuel subsidies are a drain on public finances and many argue that they have led to widespread abuse and corruption.

said subsidizing petrol “has long been a burden” on its resources, and its removal “will free up funds to enable optimal operations within the company.” Fuel subsidies cost the company over 400 billion naira monthly, it said. Despite being an oil-producing nation, Nigeria lacks the capacity to refine its oil and spends billions of dollars on yearly imports of refined petroleum products.

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