Global Petrol Price Rises by 20%

Global Petrol Price Rises by 20%

Price of petrol may to rise further as international market data revealed that the commodity has gained 20 per cent.

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 price had risen from between N198/N200 per litre, to around N617 per litre since deregulation of the downstream sector by President Bola Tinubu on May 29.

Due to lack of functional refineries, Nigeria still imports its petrol despite being an oil producing country.