The price of petrol may climb further as international market statistics revealed that the commodity had gained 20%.
According to The Punch. Brent crude had a starting price of about $78 per barrel in 2023. However, the global benchmark reached $83 a barrel last week.
On the other hand, petrol costs were less than $2.50 per gallon at the beginning of the year. Analysts predicted that it could reach $3 this coming week after reaching $2.90 per gallon the previous week.
The dollar’s value relative to the naira has risen to as much as N820/$1 recently due to inflation and a weak currency before falling to N776/$1 as of Saturday.
Since President Bola Tinubu deregulated the downstream industry on May 29, the price of petrol in Nigeria has increased from between N198 and N200 per liter to over N617 per liter.
Despite being an oil-producing country, Nigeria still imports its petrol due to a lack of functioning refineries.
