The Nigerian government has announced a decrease in the price of petrol, also called Motor Premium Spirit from N168 to N162.44 per litre starting from December 14th.
This announcement was declared by the Minister of Labour and Employment, Dr Chris Ngige, after a meeting which ended around 1:30am on Tuesday.
According to him,he said that “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.”
The minister also stated that an ad hoc technical committee has been set up to ensure the stability of fuel price in the country and would also give report from time to time.
The decision of reduction in fuel price was taken as a result of joint effort by NNPC and labour representatives in order to look into ways of cutting costs.
Also, the President of the Nigeria Labour Congress, Mr Ayuba Wabba, affirmed the story of Dr. Ngige and said that the two parties agreed to it.