FG Agrees To N5 Cut In Petrol Price

Petrol in most filling stations sells above N168 and with a N5 reduction would still remain above the N160 mark.

The downstream market was in confusion due to disagreeing directives from NNPC and PPRA. / Photo credit: Businessday
The downstream market was in confusion due to disagreeing directives from NNPC and PPRA. / Photo credit: Businessday

The Minister of Labour, Chris Ngige, has said the federal government and the Nigeria Labour Congress (NLC) have reached an agreement to reduce the price of petrol by N5, effective December 14, 2020.

Ngige addressed journalists shortly after the meeting with labour leaders late on Monday saying the meeting was fruitful.

Petrol in most filling stations sells above N168 and with a N5 reduction would still remain above the N160 mark.

He said, “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 and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday.”

He however said the government’s deregulation policy and plans on subsidy removal were not being suspended.

The NNPC, he said was looking at other areas to cut cost.

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.

Written by The Interview Editors

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