Just In: FG reduces fuel price to N162.44 per litre

FG: Since the time of the protest or so, the price of petroleum was lifted, this has made life uneasy for most persons especially with people who have their personal vehicles and have where to go.

This is a farfetched story that Nigeria can’t survive, although people were surviving, the truth is; the cost of living was now very high.

This new evolution will make life easy for people in the country.

On Tuesday, December 8, The federal government announced a reduction in the pump price of petrol from N168 to N162.44 per liter.

Dr. Chris Ngige who is the minister of Labour and Employment made the announcement at the end of a meeting with labor leaders, he said that the new pump price will be effective from December 14.

READ ALSO: Buhari orders to shut down everything due to covid 19

The technical committee has been set up to ensure price stability in the industry. Seemingly, it is expected that it will report back to the larger house on January 25.

Added to that, the technical committee was also given the task of appraising the market forces and other things that would ensure stability in the industry.

The Minister however insisted 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 costs like freight and demurrage costs.

Chris Ngigi 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 liter and that the price cut will take effect from next Monday, a week today.”

There’s no factual agreement here, but an update on the agreement reached on the electricity tariff will also be given on January 25.