Following its meeting with labour leaders, Monday, the federal Government has reduced the pump price of Premium Motor Spirit otherwise know as petrol from N168 per litre to N162.44 per litre
The new price adjustment of approximately N5 is expected to take effect from next week, December 14, 2020.
In mid-November, government had announced a new pump price for petroleum products, raising the ex-depot price of petrol to N155.17, which immediately forced marketers to sell between N165 and N173 per litre to consumers.
The ex-depot price is the threshold at which the Petroleum Products Marketing Company (PPMC) sells the products to petrol marketers.
The decision to slash down the price was reached following a meeting held on Monday between the labour leaders and the Minister of Labour and Employment. The meeting which began at 9pm on Monday, ended at 1:30am, Tuesday.
Briefing newsmen on the price reduction, Nigige said a technical committee has been set up to ensure price stability, noting that the committee has been saddled with the responsibility of monitoring the price. The committee is expected to report back to a joint session of government and labour officials on January 25th, 2021.
“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 litre and that the price cut will take effect from next Monday, a week from today,” he said.
Mr Ayuba Wabba, President, Nigeria Labour Congress (NLC) said the meeting was fruitful.
Wabba confirmed that the Federal Government has agreed to a reduction in the price of petrol.
The labour leaders who have since rejected the price hike, have been meeting with government for weeks, demanding a reversal in the price as the decision has worsened the level of pain and anguish in the country, leading to hyperinflation.
