The Federal government of Nigeria has ordered the reduction of pump price of petrol from N168 per litre to N162.44 per litre.
Minister of Labour and Employment, Chris Ngige disclosed this while speaking to newsmen at the end of a meeting with leaders of the Nigeria labour Congress NLC.
Ngige however said that the reduction would take effect from December 14, 2020.
He said a technical committee has been set up by the government to ensure price stability in the oil industry.
The minister stated that the committee, which will report back to the presidency on January 25 2021, will be appraising the market forces and other elements that will make for stability in the industry.
Premium Motor’s Spirit [PMS] currently sells at N168, after it was increased by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.
The Nigeria labor Congress has since the increment, threatened to embark on a nationwide indefinite strike if the fails to reverse the price of petrol in the country.