The government of Benin has decided to adjust the prices of gasoline at the pump. For nearly two years, the price of a liter of gasoline was 650 FCFA, but as of Thursday, August 3, 2023, it has increased to 680 FCFA.
This information, which started circulating on social media a few hours ago, has been confirmed by sources close to the Ministry of Commerce contacted by BENIN WEB TV. The reasons for this adjustment are not yet officially known, but according to a source from the newspaper Le Matinal, this decision is well motivated.
This change in price comes in a context of high inflation and economic downturn in Benin, raising several questions. What will be the impact of this increase in gasoline prices on Benin’s economy? It is likely to have repercussions on transportation costs and, consequently, on the cost of living.
Moreover, how will the citizens of Benin react to this increase? Could it lead to a return of Benin consumers to “Kpayo,” the informal fuel market? They have now become accustomed to buying fuel at the station since the new Nigerian president, Bola Tinubu, decided to suspend fuel subsidies, causing a sharp rise in gasoline prices in Nigeria.
