Nigeria announces 65-per-cent fuel price increase

  • 2/25/2023
  • 21:02
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Lagos, Sha'ban 05, 1437, May 12, 2016, SPA -- The Nigerian government on Wednesday announced a 65-per-cent increase in the price of fuel, sparking fears of rioting in one of the world's biggest oil producers, according to dpa. Petroleum Minister Ibe Kachikwu said the government was removing fuel subsidies in order to liberalize the market and stabilize supplies. The move was also aimed at making it easier for fuel importers to source foreign currency at higher exchange rates. Nigeria is Africa's largest oil producer alongside Angola, but it imports much of its fuel because it does not have enough refining capacity. --SPA 01:32 LOCAL TIME 22:32 GMT www.spa.gov.sa/w

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