The Federal Government of Nigeria has reduced pump price of petrol to N162.44 from N168 per litre with effect from December 14, 2020.
The Minister of Labour and Employment, Dr Chris Ngige, announced this at the end of a meeting with labour leaders which began around 9 pm on Monday 7th December, 2020 and ended at 1:30am the following day.
The minister said a technical committee has been set up to ensure price stability in the industry. The committee, which will report back to the larger house on January 25, will appraise the market forces and other things that would ensure stability in the industry.
Our discussion was fruitful and the Nigerian National Petroleum Corporation which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.
President of the Nigeria Labour Congress, Mr Ayuba Wabba, confirmed the price reduction, stating that the agreement was reached by both sides.