Nigeria triples gasoline prices as new president scraps subsidy

Nigeria’s state-owned oil company tripled the price of gasoline on May 31, sparking panic buying in major cities days after new president Bola Tinubu announced the West African country’s longstanding fuel subsidy would be scrapped. The Nigerian National Petroleum Company raised the cost of gasoline at the pump to Naira 488 per liter ($1.05), up from Naira 184/l, in Lagos,…