After more than four hours meeting with the organized labour, the Federal Government finally reduced the pump price of premium motor spirit, popularly known as petrol from N168 per litre to N162.44 per litre effective from Monday, next week December 14, 2020.
Minister of Labour and Employment, Senator Chris Ngige disclosed this in Abuja to newsmen at the end of the meeting with labour leaders which began last night at 9pm and ended at 1:30am on Tuesday.
President of the Nigeria Labour Congress, Comrade Ayuba Wabba also confirmed the pump price reduction at the meeting.
Edu-Biznews observed that the reduction is coming admidst rising fear of possible further increase in the pump price of the product in the country to N180 per litre, as a result of rise in the price of Brent crude whose price is nearing $50 per barrel, currently trading at $49.39 per barrel as at 7:29pm Nigerian time on Monday.
But Ngige announcing the reduction in the pump price of petrol, said a technical committee had been set up by the larger house to ensure price stability in the petroleum sector.
The committee according to the minister, will report back to the lager house on the 25 of January next year.
He explains that the committee will be appraising the market forces and every other thing that will ensure stability in the industry.
The current N168 pump price of the product was fixed ,following the decision of the Petroleum Products Marketing Company, a subsidiary of the Nigerian Nationa Petroleum Corporation to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
Marketers are expected to sell above the ex-depot price sold to them by the PPMC at the depots.
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