Africa leads the trend towards fuel subsidies removal
As more African countries remove fossil fuel subsides, an increase in downstream investment is expected. Jay Maroo lookes at whether other oil producers may now follow suit.
The recent spate of fuel subsidy reductions in Africa could pave the way for a more efficient global refined products market and encourage much-needed investment in the downstream sector in Africa, say analysts.
Last month, Nigeria became the latest African nation to reduce subsidies, but was forced to renege on a full subsidy removal following mass protests. The $7 billion subsidy removal would have lifted pump prices from 65 naira to 141 naira per litre (L). The subsequent partial removal puts
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