Nigerians are getting anxious about the cost of gas as the country’s currency, the naira, loses value against the US dollar.

With recent increases in global crude oil prices, there’s concern that the price of petrol, commonly known as gas, might go up.

Even though the Nigerian National Petroleum Company and other oil companies haven’t officially announced a price increase, they acknowledge that the shortage of foreign exchange and the rise in crude oil prices are influencing petrol costs.

The price of petrol jumped from N198 per liter in May to over N500 per liter in June after President Bola Tinubu removed the subsidy on it.

It then rose to over N600 per liter in July, and people worry it might climb higher in August due to the naira’s drop against the dollar.

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The naira recently fell below N900 against the dollar on the parallel market. It’s also weaker against the US dollar at the official forex window.

Collins Nnabude, a resident of Abuja, expressed concern about the naira’s fall and the increase in crude oil prices, fearing their impact on petrol prices.

Oil marketers also acknowledged the possibility of another petrol price hike this month.

There’s a call for President Tinubu to reactivate Nigeria’s refineries. The Independent Petroleum Marketers Association of Nigeria’s National President, Chinedu Okonkwo, noted that with deregulation and no subsidy, petrol prices could go either up or down.

Oil marketers suggested that the Federal Government might intervene given the rise in crude oil and ex-depot petrol prices.

The Independent Petroleum Marketers Association’s National Controller Operations, Mike Osatuyi, stated that President Tinubu had committed to intervening if necessary.