Europe’s Fuel Export Market Shrinks After Nigeria Scraps Subsidies ...Middle East

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Europe’s Fuel Export Market Shrinks After Nigeria Scraps Subsidies
source : OILPRICE ( Middle East ) () 28
European refiners will lose a portion of a key export market for gasoline after Nigerian consumption slumped following the removal of the fuel subsidies in the African country. At the end of May, Nigeria implemented a major reform in the domestic fuel retail market after Nigeria’s new President Bola Tinubu removed the fuel subsidies the government was paying for years. The subsidy was a huge cost to the federal government, which last year paid as much as $10 billion for the difference between fuel imported at market prices and sold at discounts…

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