Recent data from the international market has shown a significant 20% increase in the price of petrol, raising concerns that prices may continue to rise.

At the beginning of 2023, Brent crude was trading at approximately $78 per barrel, but last week, it soared to $83 per barrel, affecting petrol prices as well.

In the new week, analysts predict that petrol prices could reach $3 per gallon. Contributing factors include a weak currency and inflation, causing the dollar to rise against the naira.

Although it has dropped slightly, petrol prices in Nigeria have already surged from around N198-200 per litre to approximately N617 per litre since the deregulation of the downstream sector on May 29, 2023, by President Bola Tinubu.

With Nigeria still relying on imports due to a lack of functional refineries, the country faces challenges in managing petrol prices despite being an oil-producing nation.