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We’ve Agreed to Reduce the Fuel Pump Price to N162 from Next Monday, Says Buhari’s Govt.
President Muhammadu Buhari-led Federal Government has announced a reduction of fuel price from N168 to N162.44 per litre.
The government made the announcement through the Minister of Labour and Employment, Chris Ngige.
The minister, who disclosed this in the earlier hours of Tuesday after a meeting with the organised labour, added that a technical committee has been instituted to ensure price stability in the industry.
Ngige pointed out that the committee would report back to the larger house on January 25, 2021.
According to him, “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.
“The price cut will get us about N5 per litre and that the price cut will take effect from next Monday.”
Ngige argued that the price reduction was not meant to suspend deregulation, because it did not affect the price of crude oil.
He explained that NNPC as the main importer of the product has agreed to cut costs in areas like freight and demurrage.
The minister also noted that the new price slash was a product of a joint committee of NNPC and labour representatives, which looked into ways of cutting costs.
On electricity tariff, the Federal Government and labour unions have agreed to wait till the next meeting date on January 25 to enable the special committee dealing with complaints to conclude their deliberations.
Collaborating the position of the minister, the President of the Nigeria Labour Congress (NLC), Ayuba Wabba, said the agreement was reached by both parties.