The Federal Government has reduced the pump price of petrol, from N168 to N162.44 per litre with effect from December 14.
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 and ended at 1:30 am on Tuesday.
The product presently dispenses at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
Ngige said, “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.”=
Ngige explained that the price reduction was not meant to suspend deregulation because it did not affect the price of crude oil but on areas where the NNPC as the main importer had agreed that it could cut costs like freight and demurrage costs.
He said the new price slash was a product of a joint committee of NNPC and labour representatives, which looked into ways of cutting costs.
On the aspect of electricity tariff, both sides agreed to wait till the next meeting date on January 25 to enable the special committee dealing with complaints to conclude their deliberations.
The President of the Nigeria Labour Congress, Mr Ayuba Wabba, collaborated the position of the minister, saying that the agreement was reached by both sides.
