The Federal Government has announced that the price of Premium Motor Spirit (PMS), popularly known as petrol has been reduced from N168 to N163.
This information was disclosed by the Minister of Labour and Employment, Dr Chris Ngige, after a meeting with the organised labour which was rounded off around 1:30 am on Tuesday, 8 December, 2020.
Ngige ensured that a technical committee had been set up to ensure price stability in the industry.
He also stated that the committee, which will report back to the larger house on January 25, will study the market forces and other things that would ensure stability in the industry.
Mr Ayuba Wabba, the President of the Nigeria Labour Congress, agreed with the minister, saying that the agreement was made by both sides.
The Premium Motor Spirit (PMS) presently sells at N168, after the Petroleum Products Marketing Company decided to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
However, there is no conclusion yet on the demand for a reversal of the electricity tariff and the Federal Government said talks were ongoing with the distribution companies.
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had called for a reversal of the recent fuel price hike, threatening to embark on a nationwide strike and protests which resulted in the meeting the government had to convene a month ago.
The Federal Government during the last meeting explained that it needed one week to make further consultations.