The Federal Government on today, Tuesday December 8, announced a reduction in the pump price of petrol from N168 to N162.44 per litre.
Dr Chris Ngige, the Minister of Labour and Employment, made the announcement during the end of a meeting with labour leaders.
He said that the new petrol price will will be effective starting from December 14, as a technical committee has been set up to ensure price stability in the industry.
The committee is also expected to report back to the larger house on January 25. They were also given a task of appraising the market forces and other things that would ensure stability in the industry.
However, the Minster insisted that the price reduction was not reduced to suspend deregulation, because it did not affect the price of crude oil.
And that the NNPC who are the main importer had agreed that it could cut down the price of the pump price.
“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.” The minister said.