FG Announces Reduction Of Fuel Price From N168 To 162.44 Per Litre

By Chinenye Festus:-

The Federal Government through its Minister for Labour and Employment Dr Chris Ngige has announced the reduction in the pump price of petrol from N168 to 162.44 per litre.

Dr Chris Ngige revealed this on Tuesday at the end of a meeting with Labour leaders. He said the new pump price will be effective from December 14.

The minister maintained that the reduction in pump price does not mean that deregulation will be suspended because according to him areas where NNPC is the main importer had agreed that it could cut costs like freight and demurrage costs were not affected.

Ngige also noted that 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 was also given a task of appraising the market forces and other things that would ensure stability in the industry.

Ngige further stated that the Government is doing its best to better the lives of its citizens, by listening to the cries of the people.
These were his words:
“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.”

He also assured Nigerians that an update will be given on electricity tariff on January 25.

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