The federal government on Monday crossed the line of no reversal of its policy on the removal of subsidy on petroleum.
Despite organized labours rejection of the federal government’s policies which has led to an increase in electricity tariff and the pump price of petroleum, the government has stated that pricing will be determined by market forces.
The Minister of Labour and Employment, Senator Chris Ngige, stated that the technical committee set up by the federal government would endeavor to establish a more transparent method at determining the price of the product.
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“Make no mistake about it, the federal government has taken a back seat and is no longer involved in price-fixing of petrol. It did not fix the current price because it was gotten from the commercials and other market-related factors,” he said.
The minister said the effort by the federal government was designed to bring the price of petrol to N162.44k per litre. He further stated that all stakeholders in the value chain have consented to the new price template.
