Gas prices nearly triple in Nigeria as new leader triggers panic-buying by halting subsidies1: The new president of Nigeria, who took office in November, has announced that he will end the fuel subsidies that have kept gas prices low for decades. This has caused a surge in demand and a shortage of supply, leading to long queues, black market sales, and inflation. The president says
the subsidies are unsustainable and corrupt, and that the money saved will be used for infrastructure and social programs. However, many Nigerians are angry and fearful of the economic impact of the sudden price hike, which affects transportation, food, and other basic needs.