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

Source: Punch July 31, 2023 20:05 UTC