*Hits N998/litre in Lagos, above N1,000 in other cities
The Nigerian National Petroleum Company (NNPC) Limited has again increased the pump price of petrol across its retail outlets.
The price of the product increased to N998/litre in Lagos on Wednesday and up to N1,030/litre in other parts of the country.
The recent hike occurred after NNPC Ltd ended its exclusive purchase agreement with Dangote Refinery.
With this move, NNPC Ltd will no longer serve as the sole buyer, allowing marketers to negotiate prices directly with the refinery.
The development mirrors the practices of fully deregulated products, where refineries and marketers engage on a willing buyer, willing seller basis.
The NNPC Ltd had increased the pump price to N855 per litre in September.