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BREAKING FG announces reduction in fuel price to N162.44 per litre

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FG announces reduction in fuel price to N162.44 per litre

FG announces reduction in fuel price to N162.44 per litre

The Federal Government has announced decrease in Pump Price of Petrol from N168 to N162.44 per litre to take effect from December 14th,2020.

This was disclosed on Monday by the Minister Of Labour and Employment Dr Chris Ngige, after a meeting with labour leaders.

The product presently dispenses at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

The minister said a technical committee has been set up to ensure price stability in the industry.

Ngige said that the committee will appraise the market forces and other things that would ensure stability in the industry.

He 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.”

Ngige further explained 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.

He said the new price slash was a product of a joint committee of NNPC and labour representatives, which looked into ways of cutting costs.

On the aspect of electricity tariff, both sides agreed to wait till the next meeting date on January 25 to enable the special committee dealing with complaints to conclude their deliberations.

FG announces reduction in fuel price to N162.44 per litre

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