Beginning in 2023, Brent crude traded at around $78 per barrel, but statistics acquired by The Punch revealed that the commodity recently gained 20%, suggesting that the price of petrol may grow higher as the benchmark price on the international market surpassed $83 per barrel.
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.
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The dollar’s value relative to the naira has recently increased to as much as N820/$1 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 litre to over N617 per litre.
