The Federal Government has again changed the price of petrol, this time reducing it from N168 to N162.
The change which is set to take effect as from 14th December, was announced by the Minister of Labour and Employment, Mr. Chris Ngige on Tuesday morning after a marathon meeting with labour leaders.
According to Ngige, a monitoring committee is to be put in place to monitor the effect of the change on the market and to report back to the Ministry on January 25th.
He said, “Our discussion was fruitful and the Nigerian National Petroleum Corporation 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.”
On his part, Mr. Ayuba Wabba, the President of the Nigerian Labour Congress said that the decision to slash the price of premium motor spirit was arrived at by both parties.