Barring any sudden change of mind, the federal government is set to introduce full deregulation of the downstream sector of the Nigerian petroleum industry and the price of petrol is bound to jump upward.
The policy, they say, is likely to push the pump price of petrol to about N110 per litre at NNPC-owned filling stations and higher at other independent outlets.
An industry source who spoke with Premium Times said government was on the verge of discreetly giving permission to petroleum products marketers to gradually adjust their pump prices as early as midweek to signal the formal take-off of deregulation in the country.
The sources, who asked not to be named because of the sensitive nature of the matter, said government resorted to that drastic decision to end the vicious cycle of fuel scarcity crises and avoid subsidy payments.
Unlike the situation in 2012, the sources said government appeared to have successfully wooed organized labour and its affiliate unions to its side.
