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Breaking: FG announces new petrol pump price


Breaking: FG announces new petrol pump price


 The Federal Government on Tuesday December 8, announced a decrease in the price of petrol from N168 to N162.44 per litre.


Minister of Labour and Employment, Dr Chris Ngige who made the declaration at the end of a meeting with labour leaders, said the new pump price will be effective from December 14.

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A technical committee has been set up to ensure price stability in the industry, and it is expected that will report back to the larger house on January 25. The technical committee were additionally given an undertaking of assessing the market influences and different things that would guarantee 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.


Ngige 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 litre and that the price cut will take effect from next Monday, a week today.”


An update on agreement reached on electricity tariff will also be given on January 25.

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