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Tuesday, December 8, 2020

FG To Reduce Petrol Price by N5 From Monday


The Federal Government of Nigeria has agreed to slash the pump price of petrol by N5, starting from Monday next week. 

This was disclosed by the Minister of Labour and Employment, Senator Chris Ngige, on Tuesday, December 8, while addressing newsmen at the end of a closed-door meeting with the organised labour in Abuja. 

The held meeting was reportedly necessitated by the increase of Premium Motor Spirit (PMS), also known as petrol, from N160 per litre to N170 and the hike in price of electricity tarrif. 

The Minister affirmed that the new price of petrol would come into effect as from Monday next week.

He added that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil. 

Ngige also said that the Nigerian National Petroleum Corporation (NNPC) has agreed to cut costs like demurrage and freight costs. 

According to Ngige, the new petrol price slash was a collaborative effort and product of a joint committee of labour representatives and NNPC. 

On the issue of electricity tarrifs, Ngige disclosed that the Government and labour have agreed to wait until the next meeting on January 25, 2021, as this is to enable the special committee dealing with complaints to conclude their deliberations. 

 

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