How to insert 'NULL' values into PostgreSQL database using Python?

Is there a good practice for entering NULL key values to a PostgreSQL database when a variable is None in Python?

Running this query:

mycursor.execute('INSERT INTO products (user_id, city_id, product_id, quantity, price) VALUES (%i, %i, %i, %i, %f)' %(user_id, city_id, product_id, quantity, price))

results in a a TypeError exception when user_id is None.

How can a NULL be inserted into the database when a value is None, using the psycopg2 driver?