Nigeria: Petrol price to triple
NIGERIA'S state oil firm NNPC Ltd hiked petrol prices to as high as 557 naira ($1.21) per litre from 189 naira, days after new President Bola Tinubu said fuel subsidies would be scrapped. The increase signals an end to the fuel subsidy regime that the NNPC says costs it $867 million every month. Nigerians will have to brace for higher transport fares while businesses which rely on petrol generators because the grid electricity supply is meagre, face higher costs. NNPC said in a statement that petrol prices were being adjusted "in line with the current market realities." "It is pertinent to…