In what was tagged a fruitful discussion with the Nigerian National Petroleum Corporation, NNPC, the Federal Government has reduced petrol pump price as it also vowed to ensure price stability in the petroleum industry.
According to the Minister of Labour and Employment, Dr Chris Ngige, who disclosed this at the end of a meeting with labour leaders, the product was reduced from N168 to N162.44 per litre with effect from December 14.
The Minister revealed that a technical committee will be set up to look into the market forces and other things that would ensure stability in the industry.
Petrol Pump Price
Ngige said the NNPC has agreed to reduce petrol pump price and that the price cut will get Nigerians about N5 per litre.
Meanwhile, the Minister noted that the price reduction was not meant to suspend deregulation. He opined that the reduction does not affect the price of crude oil.
Speaking on the electricity tariff, Ngige said the federal government and labour union have agreed to wait till January 25 to enable the special committee dealing with complaints to conclude their deliberations on the issue.