Fuel Price Hike: FG Reduces Price By N5 Per Litre-See Details

Federal Government has reduced the pump price of petrol, from N168 to N162.44 per liter.

News Rain Nigeria gathered that Sen. Chris Ngige, Minister of Labour and Employment, disclosed this while addressing newsmen at the end of a closed-door meeting with the organized labor on Tuesday in Abuja.

The meeting was necessitated by the increase of PMS from N160 per liter to N170 and the increase in electricity tariff.

 FG Reduces Price By N5 Per Litre-See Details

Ngige said that the new price of petrol template would come into effect from Monday next week.

“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 liter 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.

The minister noted that the new price slash was a product of a joint committee of NNPC and labor representatives who look into ways of cutting costs.

Ngige also said that the government and labor have agreed to wait until the next meeting on Jan. 25, 2021, on the aspect of electricity tariffs.

Recall that the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, had told the government negotiation team led by the Secretary to the Government of the Federation, SGF, Boss Mustapha, that until the fuel price was taken back to the initial price, there would be no meaningful discussion.