Countries like the United states, Ghana and Egypt have adjusted their petrol prices to reflect the current realities
As a result of this development, countries like the United States, Ghana and Egypt have adjusted their petrol prices to reflect the current realities.
For instance, in the US, petrol prices jumped by 55 cents a gallon in a week. According to data from the American Automobile Association the national average of petrol in the country is now $4.17.
In neighbouring Ghana, the development is the same.
According to the Automobile Dealers Union Ghana, petrol is now selling for GHC 8.29 per litre ($1.18), about 25 percent increase from GHC 6.65 per litre ($0.95) at the start of the year.
In Egypt, the government raised the prices of several types of vehicle fuel last month.
The per litre price of 80-octane gasoline (a type of petrol) rose from 7 to 7.25 Egyptian pounds ($0.54-$0.64), while 92-octane gasoline rose from 8.25 to 8.50 pounds ($0.53-$0.54) and 95-octane gasoline rose from 9.25 to 9.50 pounds ($0.59-$0.60).
While other countries are adjusting their pump price, Nigeria finds itself in a rattrap situation.