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The pump price of premium motor spirit also known as petrol has been reduced from N168 per litre to N162.44 per litre effective from December 14, 2020 by the Federal Government.
This development was disclosed by the Minister of Labour and Employment, Chris Ngige who spoke to reporters at the end of a meeting with labour leaders which started at 9pm on Monday and ended at 1:30am on Tuesday.
Presently, the product sells at N168, after the decision of the Petroleum Products Marketing Company, a subsidiary of the Federal Government – owned Nigerian National Petroleum Corporation 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.
According to the minister, the larger house has set up a technical committee to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the lager house on the 25 of January 2021 will be appraising the market forces and every other thing that will make for stability in the industry.
President Muhammadu Buhari will on Thursday address a joint session of the National Assembly on efforts being made by his administration to address the security challenges being witnessed across the […]
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