The Federal Government has reduced the pump price of fuel by Five Naira (N5.00) following its meeting with Organised Labour on Monday.

The Minister of Labour and Employment, Chris Ngige, has confirmed that the reduction would bring down the pump price of Premium Motor Spirit (PMS) to N162.44K.

Ngige further stated that the new price regime would take off from next Monday, 14 December.

He disclosed that the cut in price did not represent a discontinuation of deregulation in the industry as it was not a cut on the price of crude oil but that a Committee would be “appraising the market forces and every other thing that would make for stability in the industry, as well as liaising with all the marketers to make sure that the cap is always maintained.”

The Committee would report back to the Meeting on 25 January, 2021.

Ngige also noted that the Electricity Committee had made tremendous progress,  would continue its activities and would also report back on 25 January, 2021.

President of Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, said that price stability would protect poor Nigerians from the volatility of the oil and gas market. 

The second demand which has to do with the issue of electricity tariff will have to wait till next year.

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