The Federal Government of Nigeria has approved the reduction of pump price of petrol from N168 per litre to N162.44 per litre.
The Minister of Labour and Employment, Chris Ngige disclosed that the reduction would take effect from December 14, 2020.
Ngige made the disclosure while speaking with journalists at the end of a meeting with labour leaders which began at 9pm on Monday and ended at 1:30 am on Tuesday.
He said a technical committee has been set up by the larger house to ensure price stability in the oil industry.
The minister disclosed that the committee, which will report back to the lager house on the 25 of January next year, will be appraising the market forces and every other thing 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.