The Federal Government has announced a reduction in the price of Premium Motor Spirit otherwise known as petrol from N168 to N162.44 per litre.

The new price will take effect from December 14.
This was disclosed by the Minister of Labour and Employment, Dr Chris Ngige, after a meeting with Labour leaders on Monday.

He said, “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.”

On the issue of electricity tariff, the Federal Government and Labour agreed to wait till January 25 for the committee deliberating on it to conclude its findings.