The Federal Government has reduced the pump price of petrol from N168 per litre to N162.44 per litre effective from December 14, 2020.

Minister of Labour and Employment, Chris Ngige announced the decision while addressing journalists at the end of a meeting with labour union leaders. which began at 9pm on Monday and ended at 1:30am on Tuesday.

The price reduction, which will take effect on Monday, December 14, will see petrol retail at N162.44 per litre.

“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 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.”

“We put in experts to do this for us and because we don’t want this hullabaloo all the time, we set up a committee that has members of labour and NNPC, PPRA, Petroleum Equalisation Fund (PEF), Ministry of Labour, Ministry of Finance, the unions, PENGASSEN, NUPENG, NLC, TUC to stand in, and this time, reappraising the market forces and every other thing that will make for stability in the industry.” Ngige said.

On the proposed electricity tariff adjustment, Ngige said the electricity committee was still at work. He said, “They have come down. There is a price now. They are now touring the DISCOS. They are going all over the country. They have been to Lagos. They have been in Ibadan. They are supposed to be in Kano now, but two members of the committee had taken ill and so, they could not continue.”

He, however, assured that the electricity committee would continue after yuletide and report back again on January 25, 2021.

Recall that the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, had told the government negotiation team led by the Secretary to the Government of the Federation, SGF, Boss Mustapha, that until the fuel price was taken back to the initial price, there would be no meaningful discussion.

Other members of the Federal Government delegation were the Minister of State, Labour and Employment, Festus Keyamo (SAN), his Petroleum counterpart, Timipriye Sylva, the Group Managing Director (GMD), NNPC, Mele kyari and the Managing Director of Rural Electrification Agency (REA), Ahmad Salihijo.

President of NLC, Ayuba Wabba and his Trade Union Congress (TUC) counterpart, Quadri Olaleye led the organised labour to the meeting.

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