The Nigerian government on Wednesday announced a 65-per-cent increase in the price of fuel.

    Petroleum Minister Ibe Kachikwu said the government was removing fuel subsidies in order to liberalize the market and stabilize supplies.

    The move was also aimed at making it easier for fuel importers to source foreign currency at higher exchange rates, dpa reported. Fuel was now expected to cost 145 nairas per litre (73 US cents).