By The Federal Government, on Tuesday, announced the reduction of the pump price of premium motor spirit, otherwise known as Petrol from N168 per litre to N162.44 per litre. The new rate is to take effect from December 14, 2020.
This development was disclosed by the Minister of Labour and Employment, Chris Ngige while speaking to the press, after a meeting with labour leaders which began at 9pm on Monday and ended at 1:30am on Tuesday.
The product is currently being sold at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
The PPMC is a subsidiary of the Federal Government – owned Nigerian National Petroleum Corporation.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
The minister said a technical committee, which will report back to the larger house on January 25, has been set up to ensure price stability in the industry.
