The federal government has announced that reduction of fuel price from N168 to N162.44 per litre.
The Minister of Labour and Employment, Chris Ngige, made this announcement in the earlier hours of Tuesday after a meeting with the organised labour.
According to the minister, a technical committee has been instituted to ensure price stability in the industry.
Ngige said the committee is expected to report back to the larger house on the 25th of January 2020.
“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,” he said.
The minister also noted that the price reduction was not meant to suspend deregulation because it did not affect the price of crude oil but on areas where the NNPC as the main importer had agreed that it could cut costs like freight and demurrage costs.
He also added that the new price slash was a product of a joint committee of NNPC and labour representatives, which looked into ways of cutting costs.
Also on oelectricity tariff, the federal government and labour agreed to wait till the next meeting date on January 25 to enable the special committee dealing with complaints to conclude their deliberations.
The President of the Nigeria Labour Congress, Mr Ayuba Wabba, collaborated the position of the minister, saying that the agreement was reached by both sides.