The price of petrol may rise further as international market data gathered by The PUNCH revealed that the commodity has gained 20 percent.
At the beginning of 2023, Brent crude traded around $78 per barrel. However, last week, the international benchmark hit $83 per barrel.
On the other hand, petrol prices started the year at less than $2.50 per gallon. Last week, it hit $2.90 per gallon, and analysts said it could reach $3 in the new week.
A weak currency and inflation had caused a rise in the dollar against the naira to as much as N820/$1 recently, before dropping to N776/$1 as of Saturday.
In Nigeria, petrol prices have risen from N198/N200 per liter, to around N617 per liter since the deregulation of the downstream sector by President Bola Tinubu on May 29.
Due to the lack of functional refineries, Nigeria still imports its petrol despite being an oil-producing country.
