The federal government has reduced the pump price of petrol by N5, making the new fuel pump price N162.44.
This decision was announced by Chris Ngige, the Minister of Labour and Employment, while he addressed journalists after a meeting with labour union leaders.
According to Ngige, the price reduction will take effect on Monday, December 14, and petrol wil retail at N162.44 per litre.
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“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 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 from today,” he said.
Ngige explained that the reduction in the fuel pump price was possible because the Nigerian National Petroleum Corporation (NNPC) agreed to cut costs like freight cost and demurrage. He added that this, however, does not reverse the deregulation of petrol.
Regarding the electricity tariff, Ngige said that both parties have agreed to wait to allow the special committee constituted to examine the justification for a new cost-reflective tariff introduced by the Nigerian Electricity Regulatory Commission (NERC), do its work.
The committee was set up after the September 28 meeting between the federal government and the Nigeria Labour Congress (NLC).
The next meeting date has been slated to hold on January 25, 2021.
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