Barring any last-minute change in plans, the federal government will shortly introduce policy changes heŕalding the full deregulation of the downstream sector of the Nigerian petroleum industry, officials well briefed on the matter have told Premium Times. Nigerians may have to brace up for a minimum of 27.17 per cent hike in fuel price nationwide, the officials said.
Amid fears of a possible backlash reminiscent of the reaction by Nigerians in January 2012 when former President Goodluck Jonathan attempted to introduce a similar measure, no formal announcement of the policy would be made by government.
Industry sources familiar with the plan said government was on the verge of discreetly giving permission to petroleum products marketers to gradually adjust their pump prices as early as the middle of this week to signal the formal take-off of deregulation in the country.
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