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Fuel price in Nigeria
The Federal Government of Nigeria has agreed to reduce the pump price of Premium Motor Spirit (PMS), known as petrol, by N5 from Monday next week. Sen. Chris Ngige, Minister of Labour and Employment, disclosed this while addressing newsmen at the end of a closed-door meeting with the organised labour on Tuesday in Abuja.
The meeting was necessitated by the increase of PMS from N160 per liter to N170 and the increase in electricity tariff.
“Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum product and customers have agreed that there will be a slide down of the pump price of PMS.
“The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today,” he said.
He noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil. He, however, said that the NNPC as the main importer has agreed that it would cut costs like freight cost and demurrage.
Ngige also said that the government and labor have agreed to wait until the next meeting on Jan. 25, 2021, on the aspect of electricity tariffs.
Info credit: Laila News
Forget Nigeria and their wahala
Reduce or no reduce, suffer head too much for Nigeria.
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