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08 December 2020

Federal Government announces reduction of petrol price.

The Federal Government has agreed to slash the pump price of petrol from One hundred and sixty-eight Naira per litre to one hundred and sixty-two Naira forty-four kobo per litre from Monday next week.

Minister of Labour and Employment, Chris Ngige, who disclosed this while addressing newsmen at the end of a closed door meeting with the organised labour in Abuja said that the new price of petrol template would come into effect from Monday next week.

He noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil, stressing that the NNPC as the main importer had agreed that it would cut cost like freight and demurrage.

The minister noted that the new price slash was product of a joint committee of NNPC and labour representatives who look into ways of cutting costs.


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