Global petrol price rises by 20%

<p>Price of petrol may to rise further as international market data gathered by The PUNCH revealed that the commodity has gained 20 per cent.</p>, <p>At the beginning of 2023, Brent crude traded around $78 per barrel. However, last week, the international benchmark hit $83 per barrel.</p>, <p>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.</p>, <p>A weak currency and inflation had caused a rise in the dollar against the naira to as much as N820/$1 recently, before dropping to N776/$1 as of Saturday.</p>, <p>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.</p>, <p>Due to lack of functional refineries, Nigeria still imports its petrol despite being an oil producing country.</p>