The Federal Government has conceded to the demands of organized labour by lowering the pump price of petrol by ₦5.
Following this development petrol will be sold at ₦162.44 but the new price will come into effect next week Monday.
The Minister of Labour and Employment, Senator Chris Ngige who spoke with journalists after the meeting which lasted till midnight described the outcome of the meeting as fruitful.
He said: “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum products 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.”
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The minister stated that the price reduction does not mean the suspension of deregulation since it does not affect the price of crude oil but on areas where the NNPC as the main importer has agreed that it cut costs like freight cost and demurrage.
Ngige said the price reduction was the end product of a joint committee that comprised representatives of organized labour and NNPC, who sought cost-cutting opportunities.
On the aspect of electricity tariff, both parties decided to wait till the next meeting date of January 25 to enable the special committee dealing with complaints to conclude their deliberations.
President of the Nigeria Labour Congress (NLC), Mr. Ayuba Wabba, collaborated the position of the minister, saying what he said was the agreement reached by both sides.
