After lengthy deliberations with industry stakeholders, the Federal Government has acceded to the demand of the organised labour to reduce the pump price of petrol in the country.
Following its decision the government announced a new price of N162.44 which is a reduction N5 from the price earlier announced in October this year.
The announcement was made Tuesday by the Minister of Labour and Employment Senator Chris Ngige after a meeting with labour leaders in Abuja, FCT.
Senator Ngige who said the new price becomes effective on Monday 17 December this year described the meeting with labour representatives as fruitful.
“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, a week today,”
Ngige however said 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 Nigerian National Petroleum Corporation (NNPC as the main importer has agreed that it cut cost like freight cost and demurrage.
He said that the new price slash was a product of a joint committee of NNPC and labour representatives who look into ways of cutting costs.
On the aspect of electricity tariff, both sides agreed to wait till the next meeting date of January 25 to enable the special committee deal with complaints to conclude their deliberations.
On the side of labour, the President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, corroborated the position of the minister, saying what he said was the agreement reached by both sides.
Source: ThisdayFollow us on social media