The Nigerian National Petroleum Company (NNPC) announced a 16% increase in the price of petrol on Wednesday, marking the third price hike in just two months. This latest increase comes weeks after the NNPC began purchasing petrol from the Dangote Oil Refinery, located on the outskirts of Lagos.Petrol prices have now risen from N950 per liter to N998 in Lagos, with prices climbing as high as N1,003 in the northeastern regions of the country. The surge in prices follows an extended period of negotiations between NNPC and Dangote Refinery regarding petrol supply and pricing. This development is likely to place additional strain on Nigerian households and small businesses, many of which rely heavily on petrol to power generators due to limited access to the national electricity grid.The issue of petrol pricing remains a contentious one in Nigeria, as fuel costs significantly affect the daily lives of millions of citizens. With the ongoing challenges in the energy sector and fluctuating fuel costs, the latest increase has sparked concerns about the long-term economic impact on consumers and businesses alike.**Industry Insights**The increase also highlights broader issues in Nigeria’s oil and gas sector, with many calling for deeper reforms. Industrialist Aliko Dangote recently urged Nigeria to stop mortgaging its crude resources and fully embrace reforms that could potentially end the recurring petrol scarcity.NNPC’s latest move comes amid ongoing discussions on full deregulation of the sector, which experts say could break the cycle of petrol shortages and stabilize supply in the long term. However, the immediate impact of rising petrol prices is expected to weigh heavily on Nigeria’s economy, especially in light of recent inflationary pressures.Stay informed as further developments unfold on this critical issue.