FG reduces petrol price to N162.44 per litre

The Federal Government has reduced the pump price of petrol by N5, leaving a litre of the product at N162.44, in a move to placate the organised labour calling for a reversal of the recent increase in the price.

The government said the new price template would come into effect as from Monday next week.

Addressing journalists shortly after the meeting with labour leaders that lasted till midnight, the Minister of Labour and Employment, Senator Chris Ngige, said that the meeting was fruitful.

He said, “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC), which is the major importer and marketers of petroleum product, and customers has 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,”

The minister however said 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 cost like freight cost and demurrage.

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

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

President of the Nigeria Labour Congress, Comrade Ayuba Wabba, said the agreement reached by both sides.