By Idowu Maryam
The Federal Government has announced the reduction of petrol price from N168 to N162.44 per litre, which will take effect from December 14.
Dr Chris Ngige, The Minister of Labour and Employment, said this at the end of a meeting with the labour leaders on Tuesday morning.
While 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.
Dr Chris Ngige said that a technical committee has been established to make sure the stability of petrol price in the industry.
Dr Chris Ngige stated that the committee will submit its reports back to the union on January 25, will evaluate the market forces and other things that would ensure stability of price 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.”
Dr Chris Ngige explained that the reducing the price 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 delivery and fine costs.
Dr Chris Ngige said the new price was a decision made by a joint committee of NNPC and labour representatives.
In the area of electricity tariff, both bodies agreed to wait till the next meeting which will take place on January 25, 2021.for the special committee dealing with complaints to make their deliberations.
The President of the Nigeria Labour Congress, Mr Ayuba Wabba, confirmed the agreement was reached by both sides.