The Nigerian government 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 said the reduction would take effect from December 14, 2020. He disclosed this 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. 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.

Ngige said that new price of petrol template would come into effect from Monday next week.

In his words, Ngige said:

“Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum product and customers have agreed that there will be a slide down of the pump price of PMS. “The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today,” he said.

The minister noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil.