Breaking News

BREAKING: FG announces reduction in fuel price to N162.44 per litre

0

BREAKING: FG announces reduction in fuel price to N162.44 per litre

The Federal Government on Tuesday, December 8, 2020, announced a reduction in the pump price of Premium Motor Spirit, PMS, otherwise known as petrol, from N168 to N162.44 per litre with effect from December 14.

The Minister of Labour and Employment, Dr Chris Ngige, disclosed this at the end of a meeting with labour leaders which began around 9pm on Monday and ended at 1:30am on Tuesday.

BREAKING: FG announces reduction in fuel price to N162.44 per litre

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.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

The minister said 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.

He said, “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 explained 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.

He said the new price slash was a product of a joint committee of NNPC and labour representatives, which looked into ways of cutting costs.

On the aspect of electricity tariff, both sides agreed to wait till the next meeting date on January 25 to enable the special committee dealing with complaints to conclude their deliberations.

The President of the Nigeria Labour Congress, Mr Ayuba Wabba, collaborated the position of the minister, saying that the agreement was reached by both sides.

 

 

 

 

Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
Mike Ojo

Lagos launches anti-oneway Taskforce, arrests traffic law offenders

Previous article

Alleged N2bn Fraud: Maina’s trial resumes in Abuja

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.