petrol pump price
Federal Govt reduces petrol pump price from N168 per litre to N162.44

The reduction in the pump price of petrol from N168 per litre to N162.44 per litre has been approved by the Nigerian government.

Chris Ngige, Minister of Labour and Employment, said the reduction would take effect on 14 December 2020.

Ngige disclosed this while speaking with journalists at the end of a meeting with labour leaders which began at 9pm on Monday and ended at 1:30 am on Tuesday.

He said the larger house had set up a technical committee to ensure price stability in the oil industry.

The minister disclosed that the committee, which will report back to the lager house on the 25 of January next year, will be appraising the market forces and every other thing that will make for stability in the industry.

Premium Motor’s Spirit [PMS] currently sells at N168, after it was increased by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.

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