The Nigeria Governors Forum has recommended that Premium Motor Spirit, PMS, should be sold for not less than 380 naira per litre.
The recommendation is expected to be made available to the National Economic Council headed by Vice-president Yemi Osinbajo.
The Governors by this recommendation support full deregulation of the sector.
The Federal Government claims it spends over 120 billion Naira on fuel subsidy.
Premium Motor Spirit is commonly known as Petrol currently sells for between 162-165 naira.
The Nigerian Governors Forum committee also recommended the supply of over 100 mass transit buses to cushion the effect of the fuel price increase.