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NNPC Announces New Petrol Prices

The Nigerian National Petroleum Corporation (NNPC) announced new petrol prices on Wednesday, May 31, 2023. The new prices were announced after President Bola Tinubu held a meeting with the CEO of NNPC and CBN governor Godwin Emefiele on Tuesday, May 30, 2023. In his inauguration speech, Tinubu had announced that subsidy was gone and that the CBN had been mandated to abrogate the multiple exchange rates regime.
It is unclear what FX exchange rate NNPC has used to arrive at its pump price, but it could be around N600/$.
The new petrol prices are a significant increase from the previous prices of N162 per litre. It remains to be seen how the new prices will affect the Nigerian economy.


https://sweymore.com/2023/05/31/subsidy-nnpc-announces-new-petrol-prices-from-n488-to-n537/