Turning the Corner: A New Compact between Nigeria's People and State

NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Naira per liter 1,100 1,000 900 800 700 600 500 400 1-Jun-23 11-Jun-23 Average monthly pump price 21-Jun-23 1-Jul-23 11-Jul-23 PETROL PRICES ARE NOT FULLY ADJUSTING TO MARKET CONDITIONS, HINTING AT THE PARTIAL RETURN OF THE SUBSIDY 1,200 PMS price -Estimated cost reflective pump prices at official exchange rate 21-Jul-23 31-Jul-23 10-Aug-23 20-Aug-23 Source: World Bank estimates based on NBS, CBN and global oil price data 30-Aug-23 9-Sep-23 19-Sep-23 29-Sep-23 9-Oct-23 19-Oct-23 Estimated cost reflective pump prices at parallel market exchange rate 29-Oct-23 22 22 At the official rate, estimates indicate that the pump price with full cost recovery would have been around N751/liter by end October

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