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Federal Government has announced plan to reduce the pump price of petrol by N5 on Monday.
The Minister of Labour and Employment, Dr Chris Ngige disclosed this while addressing newsmen at the end of a closed-door meeting with the organised labour on Tuesday in Abuja.
The meeting was necessitated by the increase of petrol price from N160 per litre to N170 and the increase of electricity tariff.
Ngige said the new price of petrol template will come into effect from Monday next week.
“Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketer of petroleum products and customers have agreed that there will be a slide down of the pump price of PMS.
“The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today,” he said.
He noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil.
He, however, said that the NNPC as the main importer has agreed that it would cut costs like freight cost and demurrage.
The minister noted that the new price slash was a product of a joint committee of NNPC and labour representatives who looked into ways of cutting costs.
Ngige said that government and labour have agreed to wait until
the next meeting on Jan. 25, 2021, on the aspect of electricity tariffs.
He added that this is to enable the special committee dealing with complaints to conclude their deliberations.
Mr Ayuba Wabba, President, Nigeria Labour Congress (NLC) said the meeting was fruitful, stressing that the Federal Government had agreed to a reduction in the price of petrol.
