NIGERIANS should brace for new petrol prices, with the Federal Government deregulating the downstream sector of the oil industry.

There is likely to be a minimum of 27.17 per cent hike in fuel price nationwide, officials told online newspaper Premium Times.

The policy is likely to push the pump price of petrol to about N110 per litre at Nigeria National Petroleum Corporation (NNPC)-owned filling stations and higher at independent outlets.

Industry sources were quoted as saying the government were thinking of discreetly giving permission to petroleum products marketers to gradually adjust their pump prices as early as this week to signal the take-off of deregulation.

The sources, who asked not to be named because of the sensitive nature of the matter, said the government resorted to that drastic decision to end the vicious cycle of fuel scarcity and avoid subsidy payments.