The Federal Government has announced a reduction in the pump price of Premium Motor Spirit (PMS) from N168 to N162.44 per litre.
The new price will take effect from Monday, December 14 according to the Minister of Labour and Employment, Dr Chris Ngige.
He made this known at tbe end of a meeting with labour leaders at about 1:30am on Tuesday. The meeting began around 9pm on Monday.
Recall that petrol pump price was increased to N168 after the Petroleum Products Marketing Company decided to increase the ex-depot price from N147.67 per litre to N155.17 per litre in November.
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.”
On the issue 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.