The Federal Government has announced the reduction of the Premium Motor Spirit (PMS), popularly known as petrol from N168 to N162.44 per litre.
This was disclosed by the Minister of Labour and Employment, Dr Chris Ngige, at the end of a meeting with the organised labour on Tuesday. According to the Minister, a technical committee has been set up to ensure price stability in the industry.
Ngige stated that 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.
The Minister however insisted 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.
The President of the Nigeria Labour Congress, Mr Ayuba Wabba, also maintained the position of the minister, saying that the agreement was reached by both sides. 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.
“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 said.
An update on agreement reached on electricity tariff will also be given on January 25.
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