Abuja - Nigerians have been warned to prepare themselves for elevated fuel prices, as the Federal Government gears up to deregulate the downstream sector of the oil industry.
According to a report by The Nation, the fuel price is set go increase by 27.17 percent nationwide, bringing the pump price at the Nigeria National Petroleum Corporation (NNPC) to approximately N110 per litre, with independent distributors set to sell at higher rates.
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Sources within the industry have indicated plans to allow petroleum distributors to gradually adjust their pump prices as early as this week as a preemptive measure in line with deregulation plans.
NNPC Spokesman Garbadeen Mohammed has since stated that news of deregulation is news to him.
The development follows a recent announcement made on the part of the NNPC declaring that it would be putting into place measures that would allow Nigeria to become more self-sufficient in terms of fuel supply, News24 had previously reported.
Read more at The Nation