The Federal Government on Tuesday reduced the pump price of premium motor spirit popularly know as petrol from N168 per litre to N162.44 per litre
The Minister of Labour and Employment, Chris Ngige stated this after a meeting with labour leaders which began at 9pm on Monday and ended at 1:30am on Tuesday.
The new price is effective from December 14, 2020.
Speaking with journalists, Ngige said: “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum product and customers have agreed that there will be a slide down of the pump price of PMS.
“The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today,” he said.
He noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil.
He, however, said that the NNPC as the main importer has agreed that it would cut costs like freight cost and demurrage.
Ngige said a technical committee had been set up by the larger house to ensure price stability in the industry.
He added that the committee will report back to the lager house on the January 25th, 2021.
