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The Federal Government has announced a reduction in the pump price of premium motor spirit (PMS), commonly called petrol from N168 to N162.44 per litre.
The government said the new fuel pump price will take effect from December 14.
Dr Chris Ngige, Minister of Labour and Employment, made the announcement on Tuesday after a meeting with labour union leaders.
Ngige also disclosed that a technical committee has been set up to ensure price stability in the industry, and will report back to the larger house on January 25.
According to him, the technical committee were also given a task of appraising the market forces and other things that would ensure stability in the industry.
He however, insisted 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.
“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,” Ngige said.
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