Nigeria's Petrol Prices Skyrocket After Subsidy Removal

Nigerian petrol prices have reached a record high of 617 naira ($0.78) per litre after the removal of a popular but costly fuel subsidy by President Bola Tinubu in May. The subsidy, which had kept fuel prices cheap for decades, cost the government $10 billion last year. Since the removal, 56 private firms have been licensed to import petrol, with 10 of them set to start deliveries in the third quarter. Nigeria imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.