The Federal Government has announced the reduction of N5 from the price of Premium Motor Spirit (PMS), putting the price at N163 as opposed to the previous price of N168.
Dr. Chris Ngige, the Minister of Labour and Employment, made this revelation after the meeting with the Labor congress ended at 1:30 am on Tuesday.
The Minister also mentioned that 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.
Mr Ayuba Wabba, The President of the Nigeria Labour Congress, while in support of what the Minister said, stated that the decision was reached by both parties.
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.
Meanwhile, there is no conclusion yet on the demand for a reversal of the electricity tariff and the Federal Government said talks were ongoing with the distribution companies.
For the sixth time since the current administration announced a hike in the pump price of petrol and electricity tariff in November, members of the organized labour movement and the Federal Government’s team have been holding series of talks, to continue the discussions on the demand of the workers union.
Both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had called for a reversal of the recent hike, threatening to embark on a nationwide strike and protests, the reason why the government had to convene a meeting a month ago.
At the last meeting, the Federal Government explained that it needed one week to make further consultations.