Federal Government has reduced the pump price of premium motor spirit otherwise known as petrol from N168 per litre to N162.44 per litre effective from December 14, 2020.
Minister of Labour and Employment, Chris Ngige told reporters at the end of a meeting with labour leaders which began at 9pm on Monday and ended at 1:30am on Tuesday.
The product presently sells at N168, following the decision of the Petroleum Products Marketing Company, a subsidiary of the Federal Government-owned Nigerian National Petroleum Corporation to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
The minister said a technical committee has been set up by the larger house to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the larger house on the 25 of January next year, will be appraising the market forces and every other thing that will make for stability in the industry.
Civilian bombing Death toll in Kaduna rise to 85, NAF denies involvement
The death toll in the bombing of civilians by the Army at Tudun Biri Village in Igabi Local Government Area…
Over 150,000 Nigerians applying for US visa interviewed in 2023 — US Embassy
Chargé d’Affaires of the U.S., Embassy in Nigeria, Mr David Greene, has revealed that they have interviewed over 150,000 Nigerians…