Petrol prices may climb higher, as worldwide market figures show that the commodity has gained 20%. Brent crude was trading about $78 per barrel in the start of 2023. However, the worldwide benchmark reached $83 a barrel last week.
Petrol costs, on the other hand, began the year at less than $2.50 a gallon. It topped $2.90 per gallon last week, and analysts predicted it may surpass $3 in the coming week.
A weak currency and inflation drove the dollar to surge to as high as N820/$1 lately, before falling to N776/$1 on Saturday.
In Nigeria, fuel prices have soared from roughly N198/N200 per litre to around N617 per litre since the downstream sector was deregulated by the government.
Due to lack of functional refineries, Nigeria still imports its petrol despite being an oil producing country.
