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The Nigerian National Petroleum Company (NNPC) has increased petrol prices, now N1,025 per liter in Lagos and N1,050 in Abuja. This rise follows previous increases and reflects ongoing economic pressures.

The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), commonly referred to as petrol, at its retail outlets. This latest hike marks the second increase in October alone, with the price per liter rising from N855 in September to N998 on October 3. As of Tuesday, NNPC stations in Lagos are now selling petrol for N1,025 per liter, while those in Abuja have set the price at N1,050.

The increase reflects broader economic pressures as various private filling stations, including Mobil and Rain Oil, have adjusted their prices to between N1,100 and N1,250 per liter. This latest price surge comes on the heels of NNPC's resumed petrol lifting at the Dangote Petroleum Refinery, following protracted negotiations.

The controversy surrounding pricing escalated when the NNPC claimed that petrol was acquired from the Dangote refinery at N898 per liter, a statement that was subsequently refuted by Dangote as misleading. In response to the recent developments, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has demanded that NNPC either refund their members or provide petrol at the same rate that it procured from the Dangote refinery, which is reportedly below N900 per liter.

Amid rising fuel prices, the federal government has announced that oil marketers can now purchase petroleum products directly from the Dangote refinery and other local producers.