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Nigeria hikes petrol prices as COVID-19 bites budget

Nigeria hikes petrol prices as COVID-19 bites budget

Petrol prices have risen in Nigeria after the oil-rich nation dumped a controversial petrol subsidy system in the face of a coronavirus budget crunch. The cost of fuel at the pump has risen by around 15% in recent days, hitting a record high of 162 naira per litre ($0.42), after the government pushed on with deregulation.

“In a virtue of one month the fuel price was increased twice, it’s sad and disheartening, honestly it’s not encouraging,” said Julius Apeh, military personnel. “It is we the poor masses that are suffering, they don’t feel anything about it, theirs is to remain in their house and they will supply them.”

People in Africa’s most populous country, where almost half of the 200 million population live in extreme poverty, have for years relied on the artificially inexpensive fuel.

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Source: AfricaNews

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