The Federal Government has agreed to slash the pump price of Premium Motor Spirit (PMS), known as petrol, by N5 from Monday next week.
Minister of Labour and Employment, Sen. Chris Ngige who disclosed this while briefing newsmen at the end of a closed-door meeting with the organised labour on Tuesday morning in Abuja said that new price of petrol would come into effect from Monday next week.
According to him “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum product 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, a week from today,” he said. He noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil.
He however said that the NNPC as the main importer has agreed that it would cut costs like freight cost and demurrage.
The minister noted that the new price slash was a product of a joint committee of NNPC and labour representatives who look into ways of cutting costs.
Ngige also said that government and labour have agreed to wait until the next meeting on Jan. 25, 2021, on the aspect of electricity tariffs.
He added that this is to enable the special committee dealing with complaints to conclude their deliberations. Mr Ayuba Wabba, President, Nigeria Labour Congress (NLC) said the meeting was fruitful
